14/05/2015

14/05/2015

Companies Act 2014: Considerations For Groups

Group The new Companies Act 2014 is due to come into law from 1 June 2015 and all companies will have to comply with this legislation once commenced. The greater the number of group companies in the group the larger the costs will be for your group. Given the above, now is a good time to consider reviewing companies within your group structure. Reducing the number of companies within your Group will reduce the impact of new Company law and help to mitigate any increased costs. Dormant companies, shelf companies or companies that have ceased trading should be reviewed and where solvent, you may wish to consider applying for:

1. Voluntary Strike Off – In order to achieve this the following should be considered:

  • You must review the balance sheet of the company and ensure that assets/liabilities do not exceed €150
  • Letter from the Revenue is required to state that they have no objection to the strike off
  • Takes 3-4 months to complete
  • No independent auditor’s/accountant’s report required
  • No statement of assets/liabilities required
  • Considered the most cost effective method of dissolving a company.

2. Placing the company in Members Voluntary Liquidation.

  • Statement of assets and liabilities required
  • Independent auditor’s/accountant’s report required
  • A review of the balance sheet must take place to ensure the company is solvent
  • Tax clearance certificate required
  • Takes 6-12 months to complete

What Questions Do You Have?

For more information regarding your group structure or the possibility of utilising one of the above options, please do not hesitate to contact our friendly and knowledgeable team on 01 677 9000. To keep in touch, connect with us on Linkedin. If this article helped you, please share it with other businesses.