April 2, 2020
Covid-19 and Commercial Leases
As the Covid-19 health emergency continues to escalate in Ireland, many areas of society are being impacted in a way much similar to that of the financial crisis. One area...
For over thirty years, Lavelle Partners has been advising liquidators, creditors, directors and shareholders across Ireland on the appointment of liquidators. We have built a reputation acting for all parties in the liquidation process. We act for and work with a large number of insolvency practitioners. We advise creditors, directors and shareholders, all of whom have different interests and require expert advice. Our experience of acting on all sides of the insolvency process ensures that we can anticipate issues and advise on problems so that the party for whom we act is better equipped to deal with issues during the course of the liquidation process.
Our litigation team can assist creditors in petitioning the court to wind companies and assist directors in arranging creditors meetings to appoint a liquidator and advising at creditors meetings.
We understand that there are often a wide range of factors which lead to liquidation, whether voluntary or imposed and as such will work to represent the interest of the party who instructs us. When advising directors, we deal with restriction and disqualification applications and the threat of investigation by the liquidator or by the Office of the Director of Corporate Enforcement. We understand the position of directors and our experience of acting for insolvency practitioners against directorsassists in understanding the issues involved.
Liquidation is the process of winding up a company as laid out in the Companies Act 2014. Liquidation may be initiated by the company itself, or by external parties including creditors who are owed money. The three types of company liquidation in Ireland are:
The process of liquidation varies by the type chosen (or imposed), but will typically include taking possession of property and assets, determining the full list of creditors and how much they are owed, investigating the affairs of the company, selling assets, paying any tax owing, and repaying any debts owing, returning any remaining funds to the members.
Under the creditors voluntary liquidation process, the liquidator must also report suspected criminal activity to the relevant authorities, report to the Office of the Director of Corporate Enforcement, prepare a written report in relation to the winding-up of the company which must be submitted to the Companies Registration Office (CRO), and hold meetings (members and creditors).
For further information regarding Liquidation in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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