Effectivefrom 1st May 2011, companies with an issued share capital in excess of €150 are precluded from making applications for voluntary dissolution.
Companieswho have never traded, or ceased to trade and have no assets or liabilities and who are up to date with both their CRO and Revenue filing requirements now face the prospect of undertaking a Members Voluntary Liquidation (MVL) if they wish to formally seek dissolution.
Asan alternative to the expensive process of an Members Voluntary Liquidation there is another option by conversion to an Unlimited company prior to an application for voluntary dissolution.
Unlimitedcompanies are permitted to reduce their share capital. The CRO have indicated that they will not apply their "3 year rule" to a reduction in share capital, which they normally impose on limited companies.
Thesteps are as follows:
(1) Convertto unlimited,
(2) Reduceissued share capital to €150 or less, and
(3) Makean application for voluntary strike off.
Pleasecontact Dylan Byrne OSK the Dublin Accountants for advice and a fixed fee quotation on our comprehensive companysecretarial service offering.
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