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dealing with an insolvent company

  • 05-12-2013 09:09PM
    #1
    mikefrommeath
    Registered Users, Registered Users 2 Posts: 68 ✭✭


    Hi all,

    Is it for illegal for a company to trade insolvent? (unable to pay its bills as they fall due).

    Is it illegal for a person to deal with a company who they know are insolvent?


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Not illegal but if they are not paying others you risk not getting paid.


  • #3
    ninty9er
    Registered Users, Registered Users 2 Posts: 9,351 ✭✭✭ninty9er


    Many companies are insolvent at points in time, for most of them it's not an issue, however having been a director of a company insolvent at the point of audit, you do have to produce a workable plan to improve the company's finances.

    I didn't use Grant Thornton at the time, but they seem to be the best in insolvency practice at the moment.


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