Recievership

dmca77

http://www.independent.ie/irish-news/liquidator-appointed-to-second-largest-irish-ford-29846609.html


I feel for the staff coming up to Christmas.

MugMugs

Their blanch shop is buried at the back of beyond IIRC.
Shame all the same.

Pro Hoc Vice

Its a liquidation not a receivership, there is a chance that people will keep their jobs, as the liquidator is trying to sell the business as a going concern.

Peanut2011

infosys wrote: »

Its a liquidation not a receivership, there is a chance that people will keep their jobs, as the liquidator is trying to sell the business as a going concern.

Sorry to say but you got that wrong way round!

In law, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed.

In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights," especially in cases where a company cannot meet its financial obligations or enters bankruptcy.

Duties of a receiver[edit]

The receiver may run the company in order to maximize the value of the company’s assets, sell the company as a whole, or sell part of the company and close unprofitable divisions.
Secure the assets of the company and/or entity.
Realize the assets of the company and/or entity.
Manage the affairs of the company in order to resolved debts owing.

Pro Hoc Vice

Peanut2011 wrote: »

Sorry to say but you got that wrong way round!

"The directors had brought the court application seeking the appointment of a provisional liquidator so that efforts could be made to market the business as a going concern and save as many of the jobs as possible, counsel said."

As the directors could not appoint a receiver, they have appointed a liquidator, it may be yellow pack liquidation. It may be that the paper reported it incorrectly and it's an examiner-ship, as I do not think the directors can appoint a receiver.

R.O.R

Might be some good news for the staff, this afternoon, so the grapevine says....

Pro Hoc Vice

R.O.R wrote: »

Might be some good news for the staff, this afternoon, so the grapevine says....

Let me guess a buyer has been found, I cant think why I keep thinking about "YellowPack"

Truckermal

I never dealt with them but a good friend of mine purchased a car of them a few years ago and got cancer after about a year. When he got very ill and knew his time was up he phoned the salesman and asked him could he sell the car, the sales man came out collected the car and sold it for him through the dealership and gave him full whack for it.

He ended up getting a way more than expected for the car and I thought it was the most honourable thing ever. Its sad to see them lose there job's so close to Xmas.