Royal Canal Financial Control Services

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New rules for Voluntary Strike-Off

8th April 2011

We would like to remind you that there are new rules for applying for voluntary strike-off of companies from 1st May 2011. The new requirements are:

• Use of updated Form H15
• Share capital of the company cannot exceed €150 for the previous three years.
• Net assets/liabilities of the company cannot be greater than €150.

If you have a dormant company that you intend to strike-off which will not fulfill these conditions after 1st May 2011, now is the time to act. If you do not hold a letter of no objection from Revenue it may not be possible to strike-off the company under the old rules given the short time available.

Companies which do not meet the conditions for voluntary strike-off will either have to:

1. Go into liquidation and appoint a liquidator.
2. In a limited number of cases the company may be able to buy back its shares, subject to the three year holding period.

Professional advice should be sought before making any decision as each option will incurr varying costs depending on your individual circumstances.

Full details on voluntary strike-off under the new rules are available on the CRO website here.