CT1 Issued shares not paid

[LuisaV]

Hi,

I am a Director of LTD company that has done absolutely no trading, I am a subscriber to 100 shares (€1 each) but I have never paid up. On form B1 there is: issued shares 100.

Just yesterday I have filed with ROS CT1 form with all figures equals to nil. I have typed that my assets are nil so nowhere those shares are reflected. Have I overlooked a filed where I should state how much shares even unpaid company issued?

If the shares are not paid do I have to still lodge money for it? I am going to voluntarily strike-off the company in a couple of weeks.

Luisa

 

[cremeegg]

You should pay the €100.

In a limited liability company the shareholders liability is limited to the amount of the share capital.

In the event of the company being wound up, you as shareholder, are personally liable for the amount of any unpaid share capital. In practial terms it is only €100 but you have not fulfilled your legal obligations to the company.

 

[dublin67]

I also see lot of companies with €100 in paid up share capital with the corresponding debit being shown as cash (i.e. that you would hold). This may not be the correct treatment but I'm not sure why it would not be.

Look at the CRO website re the strike off procedure and, from memory, they refer to €1,500 being the balance sheet limit so you shouldn't have a problem with €100. Having being involved in striking off companies before I'm be inclined to pay someone for it. I use a company secretarial firm that do it for €200 (including vat). I've no idea how they do it for that but it is a steal. The strike off procedure is slightly cumbersome and you have to advertise.