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.
What is Company Liquidation in Ireland?
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:
- Creditors Voluntary Liquidation – this is the most common type of liquidation and occurs when a company runs out of money, and the company or creditors apply to have the company assets liquidated in order to recoup their unpaid debts. This requires a nomination of a liquidator and the arrangement of a creditors meeting by issuing creditors notices.
- Members Voluntary Liquidation – whereby a company decides to liquidate its accumulated assets. Under this arrangement, the company is not insolvent, and creditors are paid without exception, after which directors and shareholders will receive their share of liquidated funds.
- Court liquidation – Court liquidation occurs when a company or its creditors apply to the Courts for the appointment of an official liquidator.
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).
Why choose Lavelle Partners to assist you with Liquidation?
- Lavelle Partners is recognised as one of Ireland’s leading insolvency and liquidation practices. The insolvency and liquidation team is headed up by Managing Partner, Michael Lavelle. Building on his own reputation as a leading liquidation expert for over thirty years, Michael has developed our liquidation function as a top-tier practice, as reflected by the large number of landmark cases in which the firm has acted.
- Our liquidation lawyers are members of the Irish Society of Insolvency Practitioners.
- We provide expert advice across a range of liquidation matters. Our liquidation lawyers have expert knowledge and experience in advising banking and other creditors, directors and shareholders. Our firm is also instructed by leading insolvency practitioners in Dublin, as well as foreign lawyers, accountants and creditors.
- The firm’s team of experienced liquidation lawyers is committed to achieving the best commercial outcome for our clients. The focus is on developing a relationship with each client that maximises the benefits of our experience, industry knowledge, commercial realism and flexibility.
- Our lawyers are approachable, insightful, and pragmatic. When it comes to handling liquidation matters, we will assess your situation objectively and provide a clear strategy.
- Lavelle Partners is a full-service law firm – meaning our clients benefit from advice and representation which is considered from all possible legal perspectives. This affords our clients a considerable advantage in liquidation matters.
For further information regarding Liquidation in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.