VOLUNTARY STRIKE OFF

The Companies Registration Office in Dublin have just announced proposed changes to their Voluntary Strike Off procedure, which are due to take effect from 1st May, reports Sean Kavanagh of CFI.

Under these new requirements, it will now be a condition of acceptance for voluntary strike off that the subject company cannot have assets or liabilities of € 100 or more. This includes share capital.

Some aspect of these changes still remain unclear, such as how the CRO will treat an application for strike off by a company which was incorporated prior to the introduction of the Euro with an issued share capital of £100, which is now defined as €127.

However, as the new approach is due to come into force with effect from May 1st next, NOW would be a good time to submit voluntary strike off applications for any dormant companies under your care, which have assets/liabilities or a share capital of more than €100.

The alternatives to processing a voluntary strike off are to either leave the company to be struck off for non-filing (not recommended) or conduct a Members Voluntary Winding Up, which will be more expensive.