What is the difference between liquidation and strike off

My Deloitte. Undo My Deloitte. Corporate simplification Dormant and unwanted companies. Save for later. The options available to companies who wish to voluntarily reduce the number of companies in their group include: Voluntary strike off Members voluntary liquidation During the Companies Registration Office received 4, voluntary strike off applications and 1, members voluntary liquidations.

The procedure for strike off is a follows: A Board meeting is held resolving to strike the company off the register, A notice is then placed in a daily newspaper of the intention to strike the company off the register, The advertisements, letter of no objection from the Revenue Commissioners and statutory form H15 in relation to the proposed strike off are filed at the CRO, The company will be formally asked by the registrar of companies on two separate occasions, a month apart, if it still wishes to be struck off.

The registrar will then advertise its intention to strike the name of the company off the register and finally, a further month later, the company will be struck off and dissolved. Contact us. Mary Shier Director - Corporate and Legal mshier deloitte. Contact us Submit RFP. Did you find this useful? Yes No. Related topics Corporate Tax Legal. Welcome back. Still not a member?

Join My Deloitte. Keep me logged in. Forgot password. Link your accounts. A licensed IP carries out the procedure and ensures you meet all your statutory obligations as a director, so minimising the potential for problems in the future. If the business is found to be insolvent, another form of voluntary liquidation can take place. It could also be used to support your own personal finances.

Furthermore, if a creditor files a claim for a debt in the future, the company will be reinstated. The business is closed down in an orderly manner when you opt for solvent or insolvent liquidation, and you gain the support of a licensed professional.

One of the most significant benefits of entering liquidation rather than trying to strike off an insolvent company is the potential for directors to claim redundancy pay.

Briefly, you must have worked under a formal contract of employment for at least two years, and received a regular salary under PAYE. We can provide more detail on director redundancy and your potential eligibility, and guide you on the best way to close your company. We operate a wide network of offices around the country — please contact one of the team to arrange a free same-day consultation.

If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options. If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.

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Company Liquidation. About Us. Areas Covered Meet the Team Testimonials. Speak to your local Insolvency Practitioner. Close Menu. Should I strike off or liquidate my company? Is liquidation the right option for you? Did you know? Instant Calculation. Pages related to Should I strike off or liquidate my company? Strike Off — The costs of a voluntary strike off are much less than an MVL, but it is not appropriate in every case.

Strike off might be the best option for companies with no or very limited assets, or for sole directors who want to retire. In more complicated cases, the legal risks and tax costs need to be considered more carefully. The assistance of a liquidator will provide greater reassurance that all your legal obligations are being met. At Company Debt, we offer independent, confidential and no-obligation advice for company directors who are looking to close their business.

We can help you identify the best route from a tax perspective and ensure you receive the protection you need. For more information, please contact our team today. Alan has been a qualified chartered accountant for almost 40 years, and has been a fellow of R3 the Association of Business Recovery Professionals since If you need help understanding the best way forward for your company, use the live chat during working hours, or call us on Striking off a Company vs.

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