Official / Court Liquidation - Mazars - Ireland
Official / Court Liquidation
Definition:
The procedure of Official/Court Liquidation arises where a company through its directors or creditors makes an application to the High Court to have a Liquidator appointed to a company.
The appointed Liquidator is an agent of the High Court and hence the term Official or Court Liquidator. The procedure is usually employed by Creditors seeking recovery of a proven or undisputed debt by means of Section 214/215 of the Companies Act, 1963.
Alternatively it is also used by a company wishing to avail of immediate protection in circumstances where the notice periods associated with the Creditors Voluntary Liquidation might result in assets or the goodwill of a company being dissipated. In such circumstances the Court may deem it appropriate to appoint a "Provisional Liquidator".
Our Insolvency Services Department can assist in acting and advising as follows:
- Advice to Directors/Shareholders on the appropriateness or otherwise of the Official Liquidation procedure.
- Assistance with preparation of special format Statement of Affairs
- Advice to Creditors on the procedures to be adopted and basis for seeking appointment to a Debtor company of an Official/Court Liquidation
- Acceptance of nomination as Liquidator and conduct of full insolvency procedures associated with the Official/Court Liquidation process.
For more information email businessturnaroundinsolvency@mazars.ie
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