Voluntary Strike Off of Companies in Ireland
Voluntary strike off is a process that allows companies in Ireland to officially dissolve and cease their existence. This can be a strategic decision for various reasons, such as the completion of a project, financial difficulties, or simply the desire to wind down operations.
Here's a guide to the voluntary strike off procedures for companies in Ireland:
- Eligibility: Before initiating the voluntary strike off process, it's crucial to ensure that your company meets the eligibility criteria. Typically, this includes the following:
- The company has ceased trading.
- There are no outstanding liabilities.
- All annual returns and financial statements are up to date.
- The company is not involved in any legal proceedings.
- Closing Bank Accounts and Informing Stakeholders: As part of the wind-down process, it's essential to close any remaining bank accounts and inform relevant stakeholders, including employees, creditors, and suppliers, about the company's dissolution.
- Board Resolution: The board of directors must pass a resolution recommending the voluntary strike off. This resolution should be approved by a majority of the directors and recorded in the minutes of a board meeting.
- Special Resolution by Shareholders: A special resolution must be passed by the shareholders, approving the company's voluntary strike off. This requires at least 75% of shareholders' votes in favour. The resolution should be filed with the Companies Registration Office (CRO) within 15 days of being passed.
- Letter of no objection from the Revenue Commissioners: A letter of no objection from the Revenue Commissioners is required to be uploaded in PDF format to the Form H15 – Request for Strike-off and dated not more than three months before the date of the receipt of this application.
- Form H15: After obtaining the necessary resolutions, the next step is to complete Form H15. This form serves as a notice of the company's intention to strike off. It includes details such as the company name, registration number, and a declaration that the company meets the strike off criteria.
- Gazette Notice: Once Form H15 is submitted to the CRO, a notice of the company's intention to strike off is published in the Companies Gazette. This notice serves as a public announcement and allows any interested parties to object to the strike off within 3 months.
- Objections: If there are no objections within the 3-month period, the CRO will issue a strike off certificate, and the company will be officially dissolved. However, if there are objections, the strike off process may be delayed or halted, and the company may need to address the concerns raised.
By following these voluntary strike off procedures, companies in Ireland can smoothly and legally cease their operations. It's advisable to seek professional advice and guidance to ensure compliance with all legal requirements throughout the process.
