Dáil Éireann Debate, Wednesday - 26 January 2005
348 Mr. Cuffe asked the Minister for Finance if progress has been made with amending the State Property Act to ensure that the Companies Office notifies his Department if a residue has accrued to the State from companies that have been struck off the Register of Companies. [34596/04]
Amharc ar fhreagraThe position regarding residues, either lands or other assets, belonging to companies which are struck off the Register of Companies under company law is that such residues become the property of the State under section 28(2)(a) of the State Property Act 1954. More than 5,000 companies have been struck off the register per annum in recent times. The cost of establishing and maintaining an administrative structure for monitoring property devolving to the State under such circumstances would be substantial as the vast bulk of the property involved consists of small units such as footpaths and roads in housing estates and the common areas, internal and external, of apartment blocks. It is not clear that any countervailing benefits would ensue. In the circumstances, it is considered that the present arrangement, whereby the State becomes aware of property accruing to it on foot of the dissolution of struck-off companies when notified by interested parties, should continue.
