Once a company clearly cannot pay its debts as they fall due, it is your legal responsibility to place the company in liquidation. The most common type of liquidation is the Creditors Voluntary Liquidation (CVL)
Irish Insolvency will meet directors and provide a free consultation in any county in Ireland. Our partners are qualified Insolvency Specialists and will take you through the process from start to finish.
- The key is not to engage in reckless or fraudulent trading. A timely liquidation will prevent personal exposure for the directors.
- Avoid a costly Revenue-appointed liquidator which, by law, must take place in the High Court
- Avoid being struck off by the company's office and having to reinstate the company at a later stage and at a significantly higher cost which involves prosecution by the Office of the Director of Corporate Enforcement.
- Act early and allow yourself to move forward to new challenges
Can I restart a business or work in the same industry after liquidating my company?
There are many common misconceptions about the liquidation process and what happens to directors after a liquidation. It is important to note that liquidation is the correct course of action to take for an insolvent company. There is no automatic effect on a director’s credit rating post liquidation. Directors often say that they thought they couldn’t continue working in the industry or set up another company after liquidation. This is incorrect. It is, however, essential that directors are properly advised and carry out all actions within company law.
Irish Insolvency offer low cost creditors' voluntary liquidations, call for a free consultation.