Service 05 / 05
Corporate Insolvency
A calm, private conversation about a difficult position, and a clear explanation of the procedures that apply to a company in liquidation.
Liquidation
The position, explained without drama
Liquidation is a process whereby once a company is placed into liquidation, the liquidator secures the books, records and assets of the company.
There are three types of liquidation procedure. Which one is relevant depends on whether the company is solvent, and on how the process is initiated.
Creditors voluntary liquidation
Creditors' Voluntary Liquidation is usually initiated by the company's directors because the company is insolvent. The board of directors will hold a board meeting to agree that the company should be placed into liquidation, and notice is then given to shareholders and creditors.
Members voluntary liquidation
A Members' Voluntary Liquidation winds up solvent companies, and distributes surplus funds back to the shareholders.
Court liquidation
A Court Liquidation, known as an Official Liquidation, is the appointment of a liquidator by order of the High Court.
We understand that liquidations can be a very stressful time for the directors of companies. At Gaffney Murphy, we can help remove some of the stress. We have the expertise and experience to deal with all issues concerning corporate insolvency.
We are not able to promise a particular outcome, a rescue or a recovery. What we can do is explain the process, the obligations on directors and the options that exist in your circumstances.
Speak to someone
An early conversation is the least expensive step
If the company is under pressure, the sooner the position is looked at, the more of the process is still within your control. Everything discussed with us stays confidential.
Call 065 6842924 and ask to speak to a partner, or email [email protected].
Insolvency questions
What directors ask us first
What happens when a company is placed into liquidation?
Liquidation is a process whereby, once a company is placed into liquidation, the liquidator secures the books, records and assets of the company.
Which form of liquidation applies to my company?
There are three procedures: creditors voluntary liquidation, usually initiated by directors where the company is insolvent; members voluntary liquidation, which winds up solvent companies and distributes surplus funds to shareholders; and court liquidation, an appointment of a liquidator by order of the High Court.
Can you help directors who are going through this?
We understand that liquidations can be a very stressful time for directors. At Gaffney Murphy we can help remove some of the stress: we have the expertise and experience to deal with all issues concerning corporate insolvency.
Should we speak to you before a decision is made?
Yes. An early conversation gives you the clearest view of the position and of the procedures that are open to the company. Call the office on 065 6842924 and ask to speak to a partner.
Next step
We will tell you plainly where you stand
Bring the correspondence and the current accounts. We will set out the position, the procedures and what happens next, in writing.
Talk to our team