Limited Liability Companies to be Struck off the Trade Register

During 2005, the National Board of Patents and Registration strikes off limited liability companies from the Trade Register on the basis of failure to submit annual accounts documents (Companies Act, Chapter 13, section 4, paragraph [4).

The obligation to prepare and submit annual accounts concerns

• every limited liability company and
• each accounting period under the company's Articles of Association

irrespective of whether the company is currently in business or not (Accounting Act, Chapter 1, section 1 and Chapter 3, section 9).

The first striking-off procedure in 2005 has now been launched and it includes about 15,500 limited liability companies

• which, according to the Tax Administration, are not currently in business,
• which have not reported their annual accounts documents for registration and
• whose share capital is below EUR 8,000.

The annual accounts documents shall be submitted by March 14, 2005

The companies included in the first striking-off procedure have been sent a letter containing an invitation to report for registration their annual accounts documents. The invitation has been sent under the address which a company has reported to the Business Information System. The address can be checked in the BIS Information Service.

The duty to report the annual accounts documents concerns the accounting period that has ended over one year ago. For example, if the accounting period of a company is the calendar year, the company has to report for registration its annual accounts for the accounting period 1 January- 31st December 2003.

The notice of the annual accounts documents must be submitted no later than on 14 March 2005.

Second invitation in March

If no notice on annual accounts is received, a letter containing a second invitation is sent to the companies in question at the end of March.

• An entry of this invitation will be made in the Trade Register, and
• the invitation will be published in the Official Gazette.

At the same time, shareholders and creditors are invited to make comments concerning the matter. The last possible date for submitting the notice is indicated in the invitation. This due date will be at the beginning of June this year.

Striking-off in June

Companies from which no notice is received regarding their annual accounts, and in respect of which there are no preconditions for putting them into liquidation, will be struck off the Register in the middle of June 2005.

For further information, if necessary, please call +358 9 6939 5597.