1 / 8

The consequences of involuntary strike-off

Company strike off involves removing all details of your limited company from the Companies House register. <br>Once you opt for voluntary strike off, and it is approved, your business will, effectively, no longer exist.<br>

contetrauniversal
Download Presentation

The consequences of involuntary strike-off

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Consequences of Involuntary Strike-off

  2. Introduction • Company strike off involves removing all details of your limited company from the Companies House register. • Once you opt for voluntary strike off, and it is approved, your business will, effectively, no longer exist.

  3. How to Strike Off a Company? • As mentioned above, you must file a DS01 form to strike your business from the Companies House register. In the three months before the company strike off procedure, your company must not have: • Traded • Sold any assets or rights by the business • Changed the company name • Initiated the process of a formal insolvency procedure

  4. A Note on Compulsory Strike off • It’s possible that your company may receive a strike off notice from Companies House, due to not filing accounts and ignoring warnings. • Your business can be struck off even if still trading due to not filing accounts and failing to reply to warnings, and will simply not exist. You must, therefore, respond to a strike off notice if you do not intend to close the company down. The consequences of the strike off notice may involve: • Dissolution of your company, even if still trading • Company assets transferred to the crown • You may struggle to receive finance from lenders in the future • Director disqualification

  5. Voluntary Strike-Off • The company must also obtain a letter of no objection from the Revenue Commissioners and, before submitting the application to the CRO, must publish a notice in a national newspaper confirming the company’s application for strike off. • The registrar will then publish his intension to strike the company of the register and approximately a month later the company will be struck off.   • As in the case of involuntary strike-off, it will be struck of and dissolved automatically within three months. 

  6. What are the Consequences if my Company is Struck-off the register? • It is your legal duty as a Director to dispose of a company properly and not doing so is a statutory offence. It is possible that you may be subject to a High Court action by the Director of Corporate Enforcement pursuant to section 160(2)(h) Companies Act 1990. • Such a statutory offence can result in a fine and/or the Director/s being disqualified to act as a Director or manager of an Irish Company for up to 10 years. • It should also be noted that once a company is dissolved there can be serious repercussions should the company continue to trade. • The shareholders no longer have limited liability and any assets the company has automatically become the property of the state.

  7. Our Company Services • Strike That is A Service That Helps You Get The Details Of “STRUCK OFF” Companies, for Hassle-free Compliance With The New MandatoryDisclosure Requirement Of Schedule III. • ConTeTra provides Solution for below Two Steps only by using below tool- Step 1- Step 2- Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors) Upload your list MCA Struck Off Vendors /supplierswith their GST numbers

More Related