Liquidating a limited company

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We will appoint a liquidator if we do not find the suggested person appropriate or if the shareholders have not suggested a person.When we have registered that the company has decided to go into liquidation, the liquidator shall send an application for summons to unknown creditors to Bolagsverket.In this process a limited company lacks ability to affect the liquidation process. A limited company in a liquidation process must still submit the annual report.It must be clearly stated throughout the report that the limited company is in 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.Compulsory liquidation is a situation when Bolagsverket or the court has decided that a limited company must go into liquidation.

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Had the meeting with my accountant this morning; spoke about the salary I had taken, the CT liability etc.

It takes at least seven months before a liquidation process has been completed.

We will strike off the company when the liquidator has submitted an application for completion with a final report on the liquidation process.

The above are guidelines on how to close a limited company in Ireland.

Company strike off and liquidation will result in the limited company being dissolved.

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