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    Creditors Voluntary Liquidation


    The majority (90%) of cases in Ireland are Creditors Voluntary Liquidations. In a 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.

     

    Members Voluntary Liquidation


    When a solvent company ceases trading, or the directors decide to retire, an MVL is often the best course of action to effectively wind up the company. 

    If a Company's share capital is greater than 150, Directors are obliged to appoint a liquidator. Appointing a liquidator to undertke an MVL is also the most tax efficient way of releasing any monies in the company.

    Funds released in an MVL are taxed at Capital Gains Tax rates as apposed to a much higher rate that would be applied if the monies were taken as salaries. Similarly whee the liquidator undertakes a transfer of free hold property to shareholders, MVL means that no stamp duty is payable.

     

    Creditors Voluntary Liquidation

     Irish Liquidations offer low cost liquidation services.  Call now for a free consultation