Examinerships & LiquidationsMoore Stephens Nathans approaches examinerships and liquidations with an experienced team to ensure that these difficult circumstances are brought to a clear resolution with discretion, efficiency and expertise. You can expect a professional, detailed and effective approach that recognises the particular needs of creditors, shareholders, directors, other affected parties and institutions. We pride ourselves on offering a cost effective, low profile and complete solution. Corporate RescueOur first inclination is always to look at ways of rescuing a viable business. We have a depth of commercial expertise within Moore Stephens Nathans that can support a full turnaround and rescue process from management to finance and restructuring. We would be delighted to talk to you about a more positive outcome if that is possible. We have more detail on this service in a separate fact sheet. ExaminershipsExaminership was introduced in 1990 (Companies [Amendment] Act 1990). Prior to its introduction, insolvent companies had only one option, liquidation. Examinership offers the opportunity for viable businesses, trapped within insolvent company structures, to save the actual business, preserving jobs and the core business. The Examiner is appointed on application to the High Court and is an officer of the Court. The process involves a detailed independent review of the business and of the financial position of the company or group, and most importantly of its prospects for survival in the event of a successful Examinership process. We can help in assessing the prospects of a successful Examinership and thereafter we can advise on the application. We can undertake the independent reports involved and we can act as Examiner ReceivershipWe have acted successfully in many Receiverships. Our appointments have typically been by banks seeking to recover sums due on foot of debentures. There are one or two other, less common, ways for a Receiver to be appointed. Creditors' Voluntary LiquidationsThis is the most common form of insolvency, where the company, through its Board of Directors, recognises its own insolvency, ceases to trade and calls for an EGM and a subsequent meeting of all the creditors of the company. At that meeting of the creditors, the creditors have the right to make their own appointment to the position of liquidator. This can be a very painful process for all involved. We have invaluable experience of these liquidations and of the problems involved. Court LiquidationsCreditors can force the winding up of an insolvent company by applying to the High Court. This is then called a `Court Liquidation` and involves petitioning the High Court to put the insolvent company into liquidation. We have completed many High Court liquidations on the petition of creditors, including unsecured trade creditors, the Revenue and even directors. Voluntary LiquidationsUsually referred to as `Members Voluntary Liquidations`, these are set in train by the Members (shareholders) of the company, normally with a very specific purpose in mind such as
The fundamental requirement being that all creditors of the company have been or will be paid in full as part of the process. Normally this is a very simple process, which can be cost effective and discreet. Key PersonnelA smart solution deserves a smart team.
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DublinUlysses House, Foley St, |
Cork83 South Mall. |
