Retain Audit Exemption By District Court Application

Posted in Company Secretarial, Regulations
Comapnies Act 2014

The Companies Act 2014 will allow a District Court application for companies that have missed the filing deadline for filing the annual return and financial statements.

This will eliminate the need to pay late filing penalties and for most companies retain audit exemption.

The company can make an application to the District Court seeking an order extending the time for filing the annual return and the financial statements. If granted by the Court, the company must file the order with the CRO within 28 days and then file the annual return and the financial statements with the CRO within the extended time granted by the Court.

As the company cannot represent itself it must seek legal representation at the District Court where the registered office is situated.

The company directors will have to weigh up the cost of paying the late filing penalties in addition to the cost of an audit to be carried out for the current financial statements and the following year against the cost of making the application to the District Court

The District Court application process cannot be used for companies that have been struck off the register according to the Companies Registration Office.

We can assist with the process if required.

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