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INSOLVENCY
Company Directors need to be
very careful in managing Companies which are in financial difficulties.
In certain circumstances the Directors of a Company can be held to be
personally liable for the company’s debts. An insolvent Company is one
which is unable to pay its debts as they fall due. If a Director finds
that he/she is unable to pay the debts as they fall due they should seek
advice from a professional insolvency specialist as soon as possible.
The Company can take action itself and appoint a liquidator, or if the
situation becomes hostile, a creditor may appoint a liquidator.
For further information contact Noel Tyrrell or John Mellett.
LIQUIDATIONS
There three main types of
Company liquidations:
- Creditors Voluntary
Liquidations (most common)
Creditor’s Voluntary liquidations are initiated by the Directors when a
Company is insolvent. The liquidator’s appointment is confirmed at a
subsequently meeting of creditors.
- Members Voluntary
Liquidations
Members Voluntary liquidations are initiated by the Directors. It is a
solvent winding up with no creditor involvement. It can be an effective
method for shareholders to unlock Company Assets in a tax efficient
manner.
The
Liquidator is appointed by the Courts and is an officer of the Courts.
INSOLVENCY SERVICES AT MELLETT TYRRELL & CO
- Free initial consultation.
- Advice on all the necessary
steps to place a Company into a creditor’s voluntary liquidation.
- Advice on dealing with
secured, unsecured and preferential creditors.
- Advice on dealing with
Company Employees.
- Act as liquidator.
- Successful track record in
winding up companies through Creditor’s and Member’s Voluntary
Liquidation.
- Reporting as liquidator to
the Office if Director of Corporate Enforcement.
See
Mellett Tyrrell
Accountants
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