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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