Start Liquidating business ireland

Liquidating business ireland

The striking off of a company from the Register of Companies can be voluntary or involuntary.

To request a strike off a company director must file a request on a form H15 requesting removal and the power to strike off is a discretionary one.

To avail of the voluntary strike off mechanism a company must This voluntary strike off procedure, whilst relatively straightforward, is slow and the Registrar of Companies will write to the Company on two separate occasions a month apart to confirm the request for strike off.

The liquidation process in Ireland is governed by the Companies Acts.

The Companies Acts provide for three different types of liquidation, details of which are below: An MVL is the process of winding up a company that has sufficient assets to repay all of its creditors within one year of the liquidator's appointment.

If this occurs then a company which continues to trade could have far reaching and serious consequences for company directors such as- Involuntary strike off can happen if the Registrar of Companies strikes off for failure to file returns for example; the Revenue Commissioners can also apply to have a company struck off.

If the company has been struck off for less than 12 months then it can apply to the Registrar to have the company restored.

In an MVL the liquidator is appointed by and reports to the company's members / shareholders.

After the company's creditors have been repaid in full the liquidator distributes the balance of the company's assets to the company's members / shareholders.

Then the application to the High Court will have to be made and if successful the Order of the High Court permitting restoration of the company must be served on the Registrar of Companies within 3 months.

The application to the High Court will be by way of Petition and will involve a grounding affidavit, notice of motion and petition.

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