A dormant company is one that doesn’t trade and has no transactions.
Despite this you are still required to file annual returns with CRO.
it is able to pay off its debts, usually within a 12 month period.
Creditors Voluntary Liquidation [CVL] – a creditors voluntary liquidation may be used to close a limited company when a company with debts is unable to pay as they fall due – i.e. In both MVL and CVL procedures to close a limited company a liquidator is appointed to realise the value of the company assets to pay any creditors in accordance with established guidelines and any surplus funds are distributed to the members.
If that money hasn’t been shared between the shareholders by the time the company is removed from the register, it will go to the state.
You’ll need to restore your company to claim back money after it’s been removed from the register.
There are three possible routes to consider when closing a limited company: The voluntary strike off route can be used to close a limited company that has ceased to trade or has never traded and have gross assets and gross liabilities of less than €150.
The voluntary strike off procedure is relatively straightforward and inexpensive and thousands of voluntary strike off’s are performed in Ireland every year.
The company won’t exist once it’s been removed (‘struck off’) from the companies register at Companies House.
When you liquidate a company, its assets are used to pay off its debts. You’ll need a validation order to access your company bank account.
Check our Dormant Company Accounts FAQ’s You may want to consider choosing a dormant company route if: How to close a limited company through the liquidation process will depend on the status of the company.