Our firm has significant experience in Corporate Insolvency cases. We act for creditors who are affected by liquidations and examinerships and also creditors who have initiated applications to liquidate companies.
We also regularly act for Insolvency Practitioners who are appointed as liquidators or examiners.
When a company goes into liquidation a liquidator will be appointed. The task of the liquidator is to wind-up the company and realise as much as possible from the assets of the company for the benefit of its creditors.
We regularly act for creditors in applications to have liquidators appointed to insolvent companies. We also act for liquidators and provide advice and representation in all aspects of company law including applications to restrict Directors of insolvent companies.
When a company enters examinership it is given 70 days (which can be extended to 100 days) to come up with a rescue plan for the company. This can include some or all debts owed by the company being written-off.
An independent examiner will be appointed and will present their findings to the court. The court then decides whether the company has a prospect of survival and whether a proposed scheme of arrangement may be approved.
It is important to have a voice in the process and we regularly act for creditors who are owed money by companies that go into examinership.
We regularly act for creditors who are owed money by companies that go into the Small Company Administration Rescue Process (‘SCARP’).
This is a process that was introduced in 2021 as an alternative to examinership. It is available to small and micro companies that are viable but insolvent and provides them with a less costly means to restructure their debts and avoid liquidation.