Liquidating a company in ireland stop twitter from updating facebook
The role of a liquidator in the insolvency process is primarily designed to ensure a fair distribution of an insolvent company’s assets for the benefit of its creditors.
In many cases, the insolvency practitioner (an individual who is authorised to act in relation to an insolvent company) will try to rescue the business if they believe this will produce a better return for the creditors.
Once appointed, the liquidator is responsible for: Maximising the return for creditors is the liquidator’s primary responsibility.
As part of this duty, they may apply to the court to restore property that has been disposed of in an unfair way.
In some cases, the company’s creditors will choose to appoint a creditors’ committee to protect and promote their best interests.This is called passing off and under section 216 Insolvency Act 1986 it can lead to criminal action against the director or being held liable for all of the debts of the new company should it too go into liquidation. It is possible to buy the name through administration, or the liquidator can agree to sell the name and a court application can support this.However, any court application will need to show why the rules of section 216 should not apply to you. It should be borne in mind that if you were to buy the business you will need to pay a fair price and this will have been valued by a chartered surveyor or asset valuer.Between three and five members can be elected to the committee.It is better to have either three or five member, rather than four, to avoid deadlocks in committee votes.