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. The procedure takes place under the 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 second striking-off procedure in 2005 has now been launched and it includes about 10,000 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

The annual accounts documents shall be submitted by September 12, 2005

At the end of August, the NBPR has sent the companies included in the striking-off procedure a letter inviting them to submit their annual accounts documents for registration. The invitation has been sent under the address which a company has reported to the Business Information System (BIS). The address can be checked in the BIS Information Service.

Under chapter 13, Section 4 of the Companies Act, a company can be invited to report the annual accounts documents from the accounting period that has ended over one year ago. Alternatively, documents from a newer accounting period can be submitted for registration. 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- 31 December 2003 or 1 January – 31 December 2004.

The notice of the annual accounts documents must be submitted no later than on 12 September 2005.

New invitation letter in September

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 September.

• 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. The date will be in early December.

Striking-off in December

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 after the said date in December 2005.

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