Obligation to file timely accounts
The Company Law Enforcement Act, 2001 has introduced new rules and penalties for filing annual returns and accounts.
Late filing penalties
In addition to the standard annual return filing fee of €30, a late filing penalty of €100 will be payable in respect of each late annual return plus a daily default penalty of €3.00. The late filing penalty per return has been capped at €1,230.
A company, which has been struck off the Register for failing to file annual returns, may have a number of annual returns outstanding. On application for restoration of such a company to the Register the charges will be capped at a maximum of 3 years late filing penalties, which would amount to approximately €3,600.
Annual return date
From 26 October, 2001, the date of the annual return cannot be more than 9 months after the date up to which the attached accounts are made.
On the 1 March, 2002, a statutory Annual Return Date was introduced and annual returns filed more than 28 days after the Annual Return Date will be deemed late.
For companies incorporated prior to 1 March, 2002, the Annual Return Date will be the anniversary of the most recent annual return or 1 June, 2002 whichever is later.
For companies incorporated on or after 1 March, 2002, the Annual Return Date will be 6 months after the date of incorporation and thereafter the anniversary of that date. No accounts need be filed with the annual return filed 6 months after the date of incorporation.
Deirdre McCarthy
July 2002