Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 140: To ask the Minister for Enterprise, Trade and Innovation if his attention has been drawn to any problems reported to the Companies Registration Office concerning small limited companies failing and unable to afford the fees to lodge accounts thus obstructing the disposal of assets such as property; if there are any legislative solutions to any such problems; and if he will make a statement on the matter. [26811/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
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The Companies Acts 1963 to 2009 provide that a private limited company is required to file an annual return once in each calendar year. An annual return consists of the relevant form and a set of accounts whether audited or unaudited. Each company has nine months and 28 days from its accounts year-end date to complete and file its annual return. The fee for filing an annual return on time is €20.00 for an electronic filing and €40.00 for a manual filing. The cost reflects the different levels of work involved in both filings.

However, once a company is late in filing its annual return it becomes liable to pay late filing penalties and to file audited accounts in both the current year and the subsequent year. Late filing penalties are charged at a rate of €100.00 plus €3.00 for each further day the company is late to a maximum of €1,200 for each year. To assist companies to meet their filing obligations, each calendar year the Companies Registration Office notifies each company by letter of its forthcoming annual return date approximately a month before its due date. Furthermore, it notifies the company and all its directors that the company has failed to file approximately six weeks after its annual return date.

I am satisfied that the fee for filing an annual return on time i.e. €20.00 for an electronic filing and €40.00 for a manual filing is reasonable. I am also satisfied that the Companies Registration Office makes all reasonable efforts to assist companies meet their statutory filing obligations.