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Insolvency & Liquidations

If your business is insolvent, it is imperative you seek professional advice immediately so that you, the directors, are not exposed in any way. Our initial, no strings attached consultation is free and confidential. Let us make this difficult and stressful time less daunting by guiding you through the whole process.

Why choose W&A Professional Services?

Types of liquidation

  1. Members Voluntary Liquidation
    Used to liquidate a solvent company. Here the creditors are paid in full and the surplus is returned to the shareholders. Used in the following scenarios :
    • The Shareholders decide to go their seperate ways
    • To secure the orderly wind-down of a trading or dormant company
    • To close down a subsidiary that has no longer any uses within the Group
    • To wind down financial services companies and/or special purpose investment vehicles
    • As an alternative to strike-off
    Can be extremly tax efficient in that the returns are subject to capital gains tax rates as opposed to income tax rates
  2. Court Liquidation
    A petitioner petitions the high court to appoint a liquidator. The petitioner is predominanthly a creditor of the company seeking payment but can very often be a disgruntled shareholder. About 1 in 10 liquidations are court or involuntary liquidations. The High Court has strict criteria regarding appointing liquidators. It will not entertain a petition that appears solely to be a debt collection method.
  3. Creditors Liquidation
    Most common form of liquidation. There are a number of steps that must be followed which are summarised as follows:
    • Meeting of the Members whereby a resolution is passed to put the company into liquidation and to appoint a liquidator
    • Meeting of the Creditors must then be held whereby the creditors are invited to review the statement of affairs, to appoint their choice of liquidator and to appoint a committee of inspection.
    • It is the Directors' responsibility to prepare a statement of affairs showing a list of creditors and value of assets and a directors statement explaining how the company became insolvent in advance of the creditors meeting.

We have guided companies throughout the whole process and are happy to provide advise and guidance to anyone thinking of placing their company in liquidation. For further information, please call Richard on 087 6474809 or mail richard@wheatleyassociates.ie

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