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voluntary liquidation

  • 16-11-2009 1:58pm
    #1
    jamesy08
    Closed Accounts Posts: 144 ✭✭


    Hello all,has anyone been down this road before,is it very complicated,will my own accountant be able to do all this for me,as i think its the only road for me to go at the moment,as all sales have completely dried up,still have to pay 1k month for warehouse,and all the other bits and pieces
    thanks jamesy08


Comments

  • #2
    conolan
    Banned (with Prison Access) Posts: 586 ✭✭✭conolan


    This can be tedious and cost money. For your own sake, call a creditors meeting (advertise in paper first) get a liquidator appointed and then walk away.


  • #3
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    conolan wrote: »
    This can be tedious and cost money. For your own sake, call a creditors meeting (advertise in paper first) get a liquidator appointed and then walk away.
    It's the easiest and cheapest way to close company.

    It depends on having settled all outstanding debts.


  • #4
    searay
    Registered Users, Registered Users 2 Posts: 436 ✭✭searay


    jamesy08 wrote: »
    Hello all,has anyone been down this road before,is it very complicated,will my own accountant be able to do all this for me,as i think its the only road for me to go at the moment,as all sales have completely dried up,still have to pay 1k month for warehouse,and all the other bits and pieces
    thanks jamesy08

    If the company owes more than will be obtained than from selling off the assets, the company is insolvent. If that 's the case your main choices are to
    1.Make up the balance yourself and pay off the creditors
    2. Put a scheme of arrangement in place where you offer the creditors a smaller amount in settlement of their debt on condition they write off the rest. or
    3.Put the company into liquidation. Your own accountant can't act as liquidator as he'd have a conflict of interest particularly if he previously acted as a auditor. The liquidator is paid from the money generated from selling off the assets.

    If you don't owe a lot 1 or 2 are feasible otherwise you're likely to be looking at the 3rd option.


  • #5
    SpinTech
    Registered Users, Registered Users 2 Posts: 5 ✭SpinTech


    I do business with a company who specifically operate this service.

    Can pass on details if you like?


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