LIQUIDATIONS
Solvent liquidations
If you are looking to close your company in a tidy, orderly fashion, a Members’ Voluntary liquidation will be the procedure to choose if the company will in the end pay all its creditors. This simple procedure is started by the shareholders who appoint the liquidator. The liquidator will realise all assets (unless they were realised prior to the start of the liquidation) and will pay all creditors before distributing the remaining assets to shareholders. The tax affairs of the company will be agreed with the tax department and after all agreed taxes are paid a certificate of tax clearance will be issued. This is the quickest and most predictable way to close a solvent company. Our qualified insolvency practitioners will be appointed as liquidators and will guide you through the process.
Liquidations of insolvent companies
If your company is insolvent, without any prospect of a turnaround, as a director you may face personal liability for the company’s debts if you continue to trade its business at a loss. Even if the company is insolvent, the shareholders can, with a simple procedure, start the liquidation process through a Creditors’ Voluntary Liquidation, and appoint the liquidator. Creditors may vote for the appointment of a different liquidator. We can guide you through this process of closing an insolvent company and can act as liquidators in such a procedure.
Any creditor with a debt of more than €5,000 may petition the court for a winding up order. If a company is unable to pay its debts, it is fair for it to be put in liquidation so that all creditors are paid proportionately according to their order of priority as defined by the law. After the liquidation order is issued, individual creditors can no longer take measures to secure company assets for the repayment of their debts, in priority to other creditors. Our firm’s insolvency practitioners are experienced in acting as liquidators in compulsory liquidations acting for all creditors.