We can assess the viability of you company and advise you on the best way forward.
Restructuring the business can be carried out by the formal process of examinership or by
restructuring the company’s assets and liabilities. The idea of restructuring is to reduce the costs and
create a more profitable business.
During the process of restructuring we will:
• Review accounts and company financial statements
• Prepare a plan for the company
• Liaise with the Directors throughout the process
• Deal with the Revenue Commissioners and Banks and debtors
An examiner is appointed when a company is financially unstable but still viable. The examiner is
chosen by the court to assess the company and prepare a plan to secure the company’s future.
There are many factors you have to consider when you are considering closing your business.
Areas we can help you with:
• Letting the company’s office know you have ceased trading.
• Cancelling of Tax registration with Revenue.
• Calculating and paying redundancies.
• Creditors meetings and dealings generally
• Directors’ duties and obligations in insolvency situations
• Employees’ rights
• Liquidations (court and voluntary)
Types of Liquidation in Ireland;
• Creditors Voluntary Liquidation:
This is when a company that has decided to wind up is unable to pay its debts.
• Members Voluntary Liquidation:
This is when a company that can pay its debts decides to wind up. The majority of the
business directors must make a declaration to wind up.
• Compulsory/Involuntary Liquidation:
This is when a court has decided that the company must wind up. The court will appoint a
liquidator and supervise the liquidation process.
The courts may appoint a receiver when a loan agreement is being enforced. The receiver takes
control of the assets of the company which have been used to secure the loan. The receiver may sell
certain assets on behalf of the lender.