Creditors' voluntary liquidation
Creditors’ voluntary liquidations are the most prevalent form of corporate insolvency in Ireland and are effectively a process by which an insolvent company without any reasonable prospects of survival is wound down by the appointed Liquidator.
At its simplest, the Liquidator’s role is to:
- Realise the assets of the Company
- Investigate the collapse of the Company
- Distribute funds to creditors in strict legal preference
A Liquidator is appointed at a meeting of creditors held in accordance with the Companies Acts and from the advent of the Companies Act, 2014 the Liquidator must be properly licenced.
While the Liquidator may be introduced by the Company, its directors or its shareholders, the appointed Liquidator has a duty to all creditors regardless of security and standing. Due to statutory timelines, even the most straight forward liquidations take the better part of a year to reach completion.
How Outlook Accountants can help?
Mícheál Leydon has vast experience acting as Liquidator and advising companies whose customers have gone into liquidation. If you wish to discuss the liquidation process, please contact Mícheál Leydon.
Phone: +353-1-451-5343 or Email: mleydon@outlookaccountants.ie
