The legal requirements relating to winding up of a company are set out in the Companies Acts 1963 to 2001, principally in Part VI of the Companies Act 1963, and Part V of the Company Law Enforcement Act 2001. The relevant regulatory authorities coming under the aegis of my Department are the Office of the Director of Corporate Enforcement (ODCE) and the Companies Registration Office (CRO). I am not in a position to answer for the Revenue Commissioners or other authorities.
There are three different types of liquidation or winding up – compulsory liquidation where the winding up is ordered by the High Court, members' voluntary liquidation where the company is solvent, and creditors' voluntary liquidation where the company is insolvent. More detailed information on the different types of liquidation, including the statutory requirements, is available on the Companies Registration Office website www.cro.ie under the heading "Doing business with us/Solvency".
The Office of the Director of Corporate Enforcement, ODCE, has responsibility, inter alia, for enforcing company law in relation to insolvent companies. Section 56 of the Company Law Enforcement Act 2001, requires certain liquidators appointed to insolvent companies to submit reports to the ODCE within six months of their appointment. The ODCE has published three decision notices outlining the legal requirements and its approach to insolvent companies, including the section 56 reporting mechanism. These decision notices are decision notice D/2002/3 entitled “The Liquidation-Related Functions of the Director of Corporate Enforcement”, decision notice D/2002/4 entitled “Unliquidated Insolvent Companies” and decision notice D/2003/1 entitled “The Liquidation-Related Functions of the Director of Corporate Enforcement – Further Commencement of Section 56 of the Company Law Enforcement Act 2001”. Copies of these notices may be obtained from the ODCE directly or may be downloaded from the ODCE's website at www.odce.ie/publications/decision.asp.
In the particular case referred to by the Deputy, I have no doubt that the staff of the CRO and the ODCE would be happy to answer any queries the club may have. However, I would also advise them to seek independent legal or professional advice, as appropriate. There is no financial assistance available from my Department in a winding up situation.
Question No. 266 answered with Question No. 238.
Question No. 267 answered with Question No. 238.