We are supporting businesses across Ireland to manage and mitigate the risks associated with COVID-19. We make every effort to save companies, but a company may find itself in a position where it has become insolvent due to the pandemic and liquidation is the only practical option
A company becomes insolvent when it is unable pay its debts as they fall due. Liquidation is a process used to wind up and dissolve a company so that it ceases to exist.
There are three types of liquidation:
How does the liquidation process work?
The company decides to go into liquidation and appoint a liquidator via a Creditors Voluntary Liquidation with the assistance of liquidation experts such as Deloitte. Once appointed the liquidator takes responsibility for dealing with all aspects of the company including engaging with its creditors, employees, the Revenue Commissioners and bankers.
This brings closure to a difficult position for the company's directors, with all the attendant anxiety and stress and allows the directors to move on to other things. Liquidation also helps to safeguard the directors’ legal position and personal financial exposure.
When should a company consider liquidation?
How can Deloitte help?
Our Creditors Voluntary Liquidation experts can guide you through all aspects of the Liquidation process by:
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