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
Creditors Voluntary Liquidation
The majority (90%) of liquidation cases in Ireland are Creditors Voluntary Liquidations. In a Creditors’ Voluntary Liquidation (CVL), the insolvent company voluntarily decides to go into liquidation. The process is usually initiated by the company's directors calling a board meeting to agree that the company should be placed in liquidation.
If a company intends to liquidate a creditors meeting must be called and at least 10 days notice must be given to all creditors. The creditors meeting must also be advertised in two daily newspapers circulating in the area where either the registered office or the principal place of business is situated at least 10 days before the meeting. At the creditors meeting the presiding director usually reads a short statement setting out the reasons why the company is being placed into liquidation and presents a Statement of Affairs to the creditors.
The Statement of Affairs shows the book value of the company's assets together with an estimate of their realisable value and a list of creditors and the amount of their claims. The creditors may then quiz the presiding director on the Statement of Affairs or why the company is going into liquidation. Finally the creditors may appoint a liquidator other than that appointed by the company and nominate members to the Committee of Inspection.
Irish Liquidations provide the full range of services in relation to Creditors Voluntary Liquidation (CVL) including:
-Free Insolvency and Liquidation advice and initial consultation
-Advice on how to place a company into a creditors voluntary liquidation
-Accepting appointments as Liquidator
-Attending Creditors Meetings as a creditors nominated Liquidator
-Advising on dealing with creditors and employees before and during liquidation
-Advising Directors on their legal obligations in the liquidation process
MEMBERS VOLUNTARY LIQUIDATION
When a company has run it's course, or the directors decide to retire, a Members Voluntary Liquidation is often the best and most tax efficient way of releasing any monies in the company.
Funds released in an Members Voluntary Liquidation (MVL) are taxed at 25% as apposed to a much higher rate that would be applied if the monies were released as salaries. Similarly if there is any transfer of free hold property to shareholders, Members Voluntary Liquidation (MVL) means that no stamp duty is payable.
COURT LIQUIDATION
This type of liquidation is not very common and is brought about by way of petition to the Court for compulsory liquidation. This is usually undertaken by creditors of the company or disgruntled shareholders.
The Liquidator, known as the "'Official Liquidator", is appointed by the Court and is an officer of the Court. In this type of liquidation the liquidation is forced upon the company.
AS ONE OF THE INDUSTRIES LEADING LIQUIDATION AND INSOLVENCY EXPERTS, IRISH LIQUIDATIONS ARE UNIQUELY PLACED TO OFFER YOU THE BEST ADVICE AND INSURE A SPEEDY RESOLUTION TO ANY ISSUES YOU MAY HAVE RELATING TO INSOLVENCY OR LIQUIDATION
IRISH LIQUIDATIONS OF A FREE, CONFIDENTIAL CONSULTAION SERVICE FOR ANYONE WITH INSOLVENCY OR LIQUIDATION CONCERNS
The majority (90%) of liquidation cases in Ireland are Creditors Voluntary Liquidations. In a Creditors’ Voluntary Liquidation (CVL), the insolvent company voluntarily decides to go into liquidation. The process is usually initiated by the company's directors calling a board meeting to agree that the company should be placed in liquidation.
If a company intends to liquidate a creditors meeting must be called and at least 10 days notice must be given to all creditors. The creditors meeting must also be advertised in two daily newspapers circulating in the area where either the registered office or the principal place of business is situated at least 10 days before the meeting. At the creditors meeting the presiding director usually reads a short statement setting out the reasons why the company is being placed into liquidation and presents a Statement of Affairs to the creditors.
The Statement of Affairs shows the book value of the company's assets together with an estimate of their realisable value and a list of creditors and the amount of their claims. The creditors may then quiz the presiding director on the Statement of Affairs or why the company is going into liquidation. Finally the creditors may appoint a liquidator other than that appointed by the company and nominate members to the Committee of Inspection.
Irish Liquidations provide the full range of services in relation to Creditors Voluntary Liquidation (CVL) including:
-Free Insolvency and Liquidation advice and initial consultation
-Advice on how to place a company into a creditors voluntary liquidation
-Accepting appointments as Liquidator
-Attending Creditors Meetings as a creditors nominated Liquidator
-Advising on dealing with creditors and employees before and during liquidation
-Advising Directors on their legal obligations in the liquidation process
MEMBERS VOLUNTARY LIQUIDATION
When a company has run it's course, or the directors decide to retire, a Members Voluntary Liquidation is often the best and most tax efficient way of releasing any monies in the company.
Funds released in an Members Voluntary Liquidation (MVL) are taxed at 25% as apposed to a much higher rate that would be applied if the monies were released as salaries. Similarly if there is any transfer of free hold property to shareholders, Members Voluntary Liquidation (MVL) means that no stamp duty is payable.
COURT LIQUIDATION
This type of liquidation is not very common and is brought about by way of petition to the Court for compulsory liquidation. This is usually undertaken by creditors of the company or disgruntled shareholders.
The Liquidator, known as the "'Official Liquidator", is appointed by the Court and is an officer of the Court. In this type of liquidation the liquidation is forced upon the company.
AS ONE OF THE INDUSTRIES LEADING LIQUIDATION AND INSOLVENCY EXPERTS, IRISH LIQUIDATIONS ARE UNIQUELY PLACED TO OFFER YOU THE BEST ADVICE AND INSURE A SPEEDY RESOLUTION TO ANY ISSUES YOU MAY HAVE RELATING TO INSOLVENCY OR LIQUIDATION
IRISH LIQUIDATIONS OF A FREE, CONFIDENTIAL CONSULTAION SERVICE FOR ANYONE WITH INSOLVENCY OR LIQUIDATION CONCERNS
Liquidation & Insolvency
If your business is insolvent, and this means literally not being able to pay debts as they fall due, it is imperative that you seek advice immediately. Our Liquidation and insolvency advice is simple, clear and solution driven. Our initial, no strings attached consultation is FREE and confidential. Call Flavien on 01 6472105 or email flavien@irishliquidations.ie
If your business is insolvent, and this means literally not being able to pay debts as they fall due, it is imperative that you seek advice immediately. Our Liquidation and insolvency advice is simple, clear and solution driven. Our initial, no strings attached consultation is FREE and confidential. Call Flavien on 01 6472105 or email flavien@irishliquidations.ie
Chartered Accountants
Low Cost Liquidation and Insolvency advice for Irish Businesses
