Liquidation in the construction industry
Irish Insolvency have undertaken more construction Industry liquidations than any other sector over the last number of years. The common problems that we have encountered are bad debts, which cripple companies and projects being cut short because of failures of main contractors or developers. Irish Insolvency offer free consultations in which we will fully assess the position of the company allowing us to offer the most cost effective option to directors.
Irish Insolvency were recently appointed liquidator to a Munster based construction firm. The firm had undertaken a large job which they had not been fully paid for as the developer had gone out of business. The stock and machinery were sold at auction, realising good market value and a large percentage of the debtors list was realised for the benefit of the creditors. Irish Insolvency also chased retention due from a previous job meaning that the directors did not have to pay personally for any of the costs of the liquidation.
Upon liquidation all employees of the firm were made redundant. Irish Insolvency processed all redundancy, arrears of wages, notice and holiday pay claims through the Dept. of Social Protection without delay. Upon completion of the liquidation a substantial dividend was paid to the preferential creditors.