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Corporate Insolvency

Insolvency & Corporate Recovery Services

Corporate Insolvency has been a feature of economic life since Companies first began trading but it is currently in the forefront of the Irish economy due to the recent and continuing credit crunch.

There are several types of insolvency that require varying levels of expertise and service.

Anthony Hartigan holds a Diploma in Insolvency & Corporate Recovery and has the necessary experience and expertise to aid clients in this area.

The types of Corporate Insolvency services that we provide are:

  • Creditors Voluntary Liquidation
    • Most common form of Insolvency in Ireland
    • Shareholders/Creditors appoint a Liquidator
    • Liquidator realises Assets and pays dividend (if any) to Creditors by seniority
    • Full Investigation is carried out through a Section 56 Report to the Office of the Director of Corporate Enforcement (ODCE)
  • Members Voluntary Liquidation
    • Applicable to Solvent Companies looking to realise assets and distribute to Shareholders
    • Tax Efficient method of extracting funds from a Company
    • Creditors are paid in full
    • Company must be solvent and its debts paid within 12 months
  • Examinerships
    • Company placed under the protection of the High Court while it’s affairs are re-structured for long-term stability
    • An Independent Accountant’s Report begins the process stating that the entity is viable
    • A Scheme of Arrangement is formulated by the Examiner
    • These Proposals are put to the various classes of Creditor & Member
    • The Arrangement must be ratified by one class of Creditor to be accepted and cannot be unfairly prejudicial to an interested party
  • Receiverships
    • Usually appointed by charge-holder under debenture over a Company’s Assets
    • A typical example would be a Bank holding the title deeds to a property until fully paid
    • Receiver can be appointed to realise the asset and crystallise negative equity or distribute excess funds
    • This is used increasingly in recent years and provides lenders with security
  • Informal Schemes of Arrangement
    • Does not involve the High Court
    • There is no Court Protection
    • Does not protect against “Reckless Trading”
  • Provisional Liquidation
    • Appointed by the High Court in cases of extreme urgency
    • This is to prevent the possible de-valuation of assets should the usual time-frame for the appointment of a Liquidator be adhered to
  • High Court Liquidation
    • High Court appoints a Liquidator on foot of a petition of a Company Creditor
    • Follows the same procedure as any Liquidator in realizing assets and distributing funds
    • Full Investigation is carried out with detailed reports to the High Court, ODCE and the High Court Examiner