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. However, in order to make an informed decision, the advice of a professional accountancy firm is often required.
Our team can draw upon extensive experience to ensure you make the right decision and that it’s handled professionally once you decide to move ahead.
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.
To gain a complete overview of your options, make sure to call our Liquidation team today.
For over 15 years, the team at Kane Bergin & Company have provided the highest quality audit and reporting services. That means when you decide to work with us, we will not only bring an extensive skillet to the job, but that we will be able to complete the work in a smooth and efficient manner.
In the past, many companies had to handle bookkeeping by themselves. These days, many have discovered that by outsourcing the work, you can take a lot of stress off your shoulders and free up resources to concentrate on finding new ways to grow your business.
The mere mention of the word “tax” is sometimes enough to bring many people out in a cold sweat. There is no denying that the tax legislation is a complex area, but it is not to be feared. In fact, our team have often been able to identify ways to cut down on the costs involved and identify many forms of relief that your business is entitled to.
Every business can benefit from the experience of a quality Management Accounts team, but not everybody can afford to have a dedicated department concentrating on the task. When you outsource the work to us, your company will enjoy a professional skill set on parr with that of the largest corporations operating in Ireland today.