Irish Liquidations
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Contact us
Irish Liquidations
13 Upper Lad Lane
Dublin 2
Ireland
Phone: 00353-1647-2105
Fax: 00353-1647-2115
Email:
flavien@irishliquidations.ie
13 Upper Lad Lane
Dublin 2
Ireland
Phone: 00353-1647-2105
Fax: 00353-1647-2115
Email:
flavien@irishliquidations.ie
Corporate Recovery
IRISH LIQUIDATIONS can draw on the significant insolvency experience of our professional team to provide a specialist service covering:
- Examinership
- Scheme of arrangement
- Turnaround & Corporate Recovery
IRISH LIQUIDATIONS can draw on the significant insolvency experience of our professional team to provide a specialist service covering:
- Examinership
- Scheme of arrangement
- Turnaround & Corporate Recovery
Examinership
This procedure is intended to facilitate the rescue of insolvent and nearly insolvent companies. It entitles the company to a period of 70 to 100 days "protection of the Court" to assist the survival of a company. It allows a company to restructure - it is an alternative to winding up the company in financial difficulties. The Examinership process was provided for in the Companies Act 1990. A successful examinership must address the following core questions:
1. Can the company prove that it has a reasonable prospect of avoiding insolvency?
2. Does the company have investors ready to proceed with an immediate injection of capital?
3. Will the company be able to avail of sufficient working capital to cover the period of Examinership?
4. Are there sufficient assets in the company to cover the costs of the Examinership?
This procedure is intended to facilitate the rescue of insolvent and nearly insolvent companies. It entitles the company to a period of 70 to 100 days "protection of the Court" to assist the survival of a company. It allows a company to restructure - it is an alternative to winding up the company in financial difficulties. The Examinership process was provided for in the Companies Act 1990. A successful examinership must address the following core questions:
1. Can the company prove that it has a reasonable prospect of avoiding insolvency?
2. Does the company have investors ready to proceed with an immediate injection of capital?
3. Will the company be able to avail of sufficient working capital to cover the period of Examinership?
4. Are there sufficient assets in the company to cover the costs of the Examinership?
If you can identify the problem, take specialist advice when it is detected. The longer you leave it, the less likely a restructuring can be achieved, and the company will probably be liquidated. Unless a carefully considered plan in is place companies can find that most effort is concentrated on the financial restructuring and debt restructuring of the business while underlying operational and management problems continue to exist. Our team of experts can help identify the problems that contributed to the crisis. They can guide you to effective solutions to the unique problems facing your organisation.
1. Delaying paying creditors
2. Submitting Revenue returns late or without payment
3. Purchasing equipment on finance when you previously paid cash?
2. Submitting Revenue returns late or without payment
3. Purchasing equipment on finance when you previously paid cash?
Turnaround
Companies experiencing credit management and revenue management difficulties must act upon the early warning signs. Very often the company itself can solve the problems or the company may seek assistance from its auditor or other financial advisor. The auditors or financial advisors may not always be in the position to devote the time or have the hands-on management skills to assist the company with the specific difficulties being experienced. In these circumstances the directors should seek the advice of a turnaround expert.
The benefits of engaging a turnaround expert are still not known by a significant number of directors of failing companies, who, as a result, will often not look for advice of any kind until it is too late to save the company. If the company ignores the early warning signs and does not take a pro-active approach to managing the difficulties, the banks will take action and call in the expertise of a turnaround specialist.
RESTRUCTURING
Don’t ignore the early warning signs that can threaten a company’s survival.
Early warnings signs include:
Companies experiencing credit management and revenue management difficulties must act upon the early warning signs. Very often the company itself can solve the problems or the company may seek assistance from its auditor or other financial advisor. The auditors or financial advisors may not always be in the position to devote the time or have the hands-on management skills to assist the company with the specific difficulties being experienced. In these circumstances the directors should seek the advice of a turnaround expert.
The benefits of engaging a turnaround expert are still not known by a significant number of directors of failing companies, who, as a result, will often not look for advice of any kind until it is too late to save the company. If the company ignores the early warning signs and does not take a pro-active approach to managing the difficulties, the banks will take action and call in the expertise of a turnaround specialist.
RESTRUCTURING
Don’t ignore the early warning signs that can threaten a company’s survival.
Early warnings signs include:
In order for the Examinership to succeed, the Creditors must agree to accept a Scheme of Arrangement, that is to accept a percentage of the debt owed to them by the insolvent company.
Scheme of Arangement
When a company is experiencing difficulty in meeting its liabilities the directors should turn to the experts for guidance. If not managed correctly during times of temporary difficulties, the company can lose control of the situation and find itself in hostile and potentially costly legal battles with its creditors. The directors must remain focussed.
It is our skill and experience in insolvency situations that uniquely qualifies us to assist clients during these difficult times.
What is a Scheme of Arrangement?
The company puts a proposal to it’s creditors to accept a percentage of their total debt at a point in time. There are conditions usually attached to the Scheme, such as an agreement to pay debts going forward within the credit terms, for example 30 or 60 days. There is usually new investment lined up to coincide with the arrangement with the creditors, and a re-organisation plan for the business.
Scheme of Arangement
When a company is experiencing difficulty in meeting its liabilities the directors should turn to the experts for guidance. If not managed correctly during times of temporary difficulties, the company can lose control of the situation and find itself in hostile and potentially costly legal battles with its creditors. The directors must remain focussed.
It is our skill and experience in insolvency situations that uniquely qualifies us to assist clients during these difficult times.
What is a Scheme of Arrangement?
The company puts a proposal to it’s creditors to accept a percentage of their total debt at a point in time. There are conditions usually attached to the Scheme, such as an agreement to pay debts going forward within the credit terms, for example 30 or 60 days. There is usually new investment lined up to coincide with the arrangement with the creditors, and a re-organisation plan for the business.
Low Cost Liquidations and Insolvencey Advice for Irish Businesses
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