When a liquidator has filed the final papers at the Companies Registration Office, the Company is dissolved three months later. In a minority of cases, it may be discovered years later that the company still has land or property which was never sold by the liquidator.
The office of the Sheriff pre dates Norman times. The laws governing their activities are complex. While the Law Reform commission made a number of recommendations in 1988 on changing the law, none of these have yet been implemented.
When a company gets into financial difficulty the directors have the opportunity to enter into a formal scheme of arrangement with its creditors by either utilising the procedure set out in section 450of the 2014 Companies Act or availing of the Examinership legislation under the 2014 Companies Act.
A retention of title (ROT) clause, put simply, is a clause which prevents ownership of goods which have been sold passing to the customer until the supplier has been paid in full. While such clauses are common in today’s business world, it is surprising how poorly suppliers fail to use them effectively in practice. This article is concerned with how suppliers should use retention of title clauses when a customer goes into liquidation or receivership.
Experience has shown that when there is a significant over capacity in the construction sector, that contractors slash their tender prices in order to win work. The danger is that some contractors will slash their prices too much and end up being loss making.
As our sister website demonstrates www.creditmanagement.ie we have extensive experience in the area of credit management consultancy and debt collection.
The insolvency of a company can be a very distressing and stressful time for its directors. In many cases, the financial difficulties facing a company have been caused by factors beyond the company’s control.
Every year, hundreds of Irish companies go into liquidation/receivership. Such situations can represent a unique opportunity for a purchaser to expand his business, or acquire a complementary business, at a knock down price.
Solicitors acting on behalf of creditors collecting money from debtors will sometimes refer to Section 570 of the 1963 Companies Act. For ease of reference, we set out below the full wording of Section 570
A Company facing an inevitable insolvency can present a difficult and stressful time for its Directors on a number of levels.
The Companies Registration Office (“CRO”) has tightened up its compliance regime, and any companies which are now more than one year late in filing their statutory returns may be listed for strike off.
If you have been a director of a company which has been placed into Liquidation, you may find that the Liquidator will take what is called a “Section 819 Application” to have you restricted from acting as a director of any other company.
In many cases the first indication that a supplier gets of a customer being in financial difficulty is the Notice of a Creditors Meeting.
When employees are made redundant by virtue of a company going into insolvency, they may be entitled to receive certain payments from the Department of Enterprise, Trade & Employment. A summary of these entitlements is set out below.
Preferential Creditors are creditors whose claims rank higher in priority than those of ordinary/unsecured creditors.Section 621 of the 2014 Companies Act provides that the following creditors be classified as preferential (the Act defines “relevant date” as being the date of the winding up resolution or the date of the winding up order or the date of appointment of a Receiver under a floating charge).
An inevitable consequence of the Financial Regulator’s decision to increase the capital adequacy ratio for the banks from 4% to 8% will be a substantial deleveraging by the banks (i.e. the banks will reduce their loan books).