Liquidating business ireland

Posted by / 02-Jul-2017 15:58

Liquidating business ireland

In the event the company does not file an annual return or annual accounts, and the company's file remains inactive, in due course, the Registrar at Companies House will strike the company off the register.Under the corporate insolvency laws of a number of common law jurisdictions, where a company has been engaged in misconduct or where the assets of the company are thought to be in jeopardy, it is sometimes possible to put a company into provisional liquidation, whereby a liquidator is appointed on an interim basis to safeguard the position of the company pending the hearing of the full winding-up petition.In addition, the term "liquidation" is sometimes used when a company wants to divest itself of some of its assets.This is used, for instance, when a retail establishment wants to close stores.For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance, and compel the liquidator to transfer title to the land to them, upon tender of the purchase price.After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets.

If not, the liquidation will proceed as a creditors' voluntary winding-up, and a meeting of creditors will be called, to which the directors must report on the company's affairs.Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve.Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already).Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed.Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.

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A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily.

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