Irish Liquidations
Copyright 2009. Irish Liquidations. All Rights Reserved
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
Insolvency Advice
The insolvency of a company can be a stressful time for Directors. Often the reasons for insolvency are beyond their control. Whether it be the loss of a major client, downturn in the market or under-cutting by competitors. It is important to know that there are options available to deal with the situation. But it is imperative to seek Professional help at the earliest sign of trouble.
The insolvency of a company can be a stressful time for Directors. Often the reasons for insolvency are beyond their control. Whether it be the loss of a major client, downturn in the market or under-cutting by competitors. It is important to know that there are options available to deal with the situation. But it is imperative to seek Professional help at the earliest sign of trouble.
Knowing when to cease trading
The first point of concern for many Directors is knowing when to cease trading. If the business continues to run once insolvent, Directors run the risk of Reckless Trading. Irish Liquidations staff will be able to provide expert insolvency advice in an initial free consultation, saving you any further liability.
Deciding to liquidate the company
If a Director decides, after consulting a Professional, to wind up a company there are a number of legal steps that must be followed
1. Members meeting must be held to declare the insolvency of the company and nominate a Liquidator
2. Creditors meeting must be held in the vicinity of the registered office to appoint a liquidator
3. The Chairman of the meeting (a nominated director) must present a Statement of Affairs showing a list of creditors and value of assets (both book value and realisable value)
4. The chairman is also required to read out a Directors Statement stating how the company became insolvent
While all of these are the responsibility of the Directors, they are entitled to seek professional advice. We have guided many companies through this process and are happy to provide plenty of practical advice and an easy framework to anyone requiring assistance.
The first point of concern for many Directors is knowing when to cease trading. If the business continues to run once insolvent, Directors run the risk of Reckless Trading. Irish Liquidations staff will be able to provide expert insolvency advice in an initial free consultation, saving you any further liability.
Deciding to liquidate the company
If a Director decides, after consulting a Professional, to wind up a company there are a number of legal steps that must be followed
1. Members meeting must be held to declare the insolvency of the company and nominate a Liquidator
2. Creditors meeting must be held in the vicinity of the registered office to appoint a liquidator
3. The Chairman of the meeting (a nominated director) must present a Statement of Affairs showing a list of creditors and value of assets (both book value and realisable value)
4. The chairman is also required to read out a Directors Statement stating how the company became insolvent
While all of these are the responsibility of the Directors, they are entitled to seek professional advice. We have guided many companies through this process and are happy to provide plenty of practical advice and an easy framework to anyone requiring assistance.
Low Cost Liquidations and insolvency advice for Irish Directors
Chartered Accountants
