Since the economic collapse of 2008, thousands of Irish companies have fallen foul of involuntary strike off, most commonly due to non-compliance with statutory filing requirements and needed company restorations.
For business owners, the consequences of an involuntarily strike-off can be significant. From the date of strike-off, the company ceases to exist as a legal entity, and the protection of limited liability is lost. Therefore, if the business continues trading, the owners are trading in their personal capacity.
Furthermore, the assets of the dissolved company become the property of the State and are held in trust for a period of 20 years. If the company is restored within this 20-year period, the property reverts to the company. However, after this period, ownership transfers in full to the state.
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