A Voluntary Strike off (VSO) of a company with the Companies Registration Office (CRO) usually can be quickly achieved if conditions are complied with.
Basically a company must have ceased trading, have assets or liabilities of less than €150 respectively and all filings with the CRO and Revenue must be up to date. The VSO procedure is as follows:
* An application is made to the Revenue for a letter of no objection
* An EGM is held to resolve to have the company apply for VSO and the relevant forms are approved for filing with the CRO
* A compulsory advertisement is placed in a national daily newspaper
* Finally the Revenue consent letter, the signed forms and original advertisement are submitted with the VSO application to the CRO for deregistration.
Generally the following VSO work usually needs to be completed:
* Preparing Financial Statements to date of cessation
* Ensuring the closing Balance Sheet is NIL
* Ensuring all returns have been filed with the CRO and Revenue
* Applying to Revenue for a letter of no objection to the VSO and dealing with all queries
* Arranging for the required advertisement to be placed in a national daily newspaper
* Preparing the draft company secretarial documentation for the CRO for VSO application
* Submitting the VSO application to the CRO with supporting documentation.
The company is usually struck off 4 months after the application is received in the CRO. However, the filing obligations of the company cease once the application is received by the CRO.
It is vitally essential to close the company’s bank account as any funds left in the account will be frozen once the company is VSO’d.