The Companies Registration Office has made a u-turn on its plans to restrict the Voluntary Strike Off procedure for companies.
In a recent blog article, I bemoaned a Companies Registration Office (CRO) move to curtail the simple and inexpensive CRO Voluntary Strike Off process to have a company dissolved. The CRO announced this summer that a company could only avail of this procedure if its Issued Share Capital was less than €150. This meant that companies with a higher Issued Share Capital would instead have to undergo a Members’ Voluntary Liquidation – a complex exercise that can cost thousands of euro in professional fees.
Thankfully the CRO have now scrapped these plans.
In a statement released yesterday, they confirm that a company can now still avail of the Voluntary Strike Off process, even if its Issued Share Capital exceed €150.
This is a very welcome development, and the CRO deserve credit for taking speedy action to resolve this issue.