Earlier this year, the Irish Companies Registration Office (CRO) introduced a new condition for companies seeking to avail of its voluntary strike-off procedure. The condition prescribed that a company in respect of which an application for voluntary strike-off is made must not have issued share capital in excess of €150, and, in addition, in the case of a private limited company, that it must have had that level or less of issued share capital for the three years prior to the application for strike-off.
Following representations being made by various stakeholders, including the Business law Committee of the Incorporated Law Society of Ireland, to the effect that this condition was unwarranted and could cause difficulties in practice, the CRO have now decided to remove the new share capital requirement. The change has been welcomed by practitioners.
The power of the Registrar of Companies to strike companies off the Register of Companies in Ireland is a discretionary one and is based on section 311 of the Companies Act 1963 (as amended).
For a link to the CRO's helpful clarification note on this point, please click here.
For a link to an overview of the voluntary strike-off regime and to the new Form H15, which has been revised to take account of the change in qualifying conditions, please click here.