How can creditors force the wind up of an insolvent company? Through a Court Liquidation. This involves petitioning the High Court to put the insolvent company into liquidation and forcing the company into compulsory wind-up.
How can we help?
We have a successful track record in winding up companies through Court Liquidations on the petition of creditors and of pursuing errant directors both in Ireland and abroad. We have acted for the directors of the company, Revenue Commissioners and unsecured trade creditors on a number of cases.
Key characteristics of a Court Liquidation:
- it is a compulsory insolvent winding-up, initiated by the petitioning creditor with the involvement of the High Court;
- the company directors are required to file a statement of affairs with the High Court;
- an official liquidator is appointed by the Court with powers to liquidate the company, investigate its activities and pursue errant directors; and,
- following completion, realisations from company assets are paid out to creditors in priority.