Court liquidations are similar in nature to creditors’ voluntary liquidations however as opposed to the Liquidator being confirmed at a meeting of creditors, the Liquidator is appointed on foot of a petition to the High Court. The petition to wind up a company can be brought by most stakeholders including, directors, creditors or shareholders however court liquidations tend to be considerably more expensive and longer in time than their voluntary counter parts and are therefore considerably less prevalent.
At its simplest, the Liquidator’s role is to:
- Realise the assets of the Company
- Investigate the collapse of the Company
- Report to the High Court and the High Court Examiner
- Distribute funds to creditors in strict legal preference
While the Liquidator may be introduced by the Company, its directors, its shareholders or a creditor, the Court appointed Liquidator is an officer of the Court and has a duty to all creditors regardless of security and standing.
How Outlook Accountants can help?
Mícheál Leydon has vast experience of the Court Liquidation process and advising companies whose customers have gone into liquidation. If you wish to discuss the liquidation process, please contact Mícheál Leydon.
Phone: +353-1-55 44 005 or Email: firstname.lastname@example.org