Creditors Voluntary Liquidation is instigated by the Directors of the company calling a meeting of the Board to discuss and consider the financial circumstances of the company. If as a consequence of that meeting the Directors are satisfied that the company is insolvent and cannot continue to trade they should resolve to call meetings of both the Shareholders and the Creditors to consider said financial position and to appoint a Liquidator.

As the Shareholders Meeting precedes the Creditors Meeting it is their nominee as Liquidator whose appointment must be endorsed or rejected at the subsequent Creditors Meeting. To reject the Shareholders or Company nominee and replace him / her with a Creditor nominee will require that the majority in value of the Creditors validly voting at the Creditors Meeting vote in favour of their Nominee.

Services of the firm in the area of Creditor Voluntary Liquidations include:

- Advising Directors and Shareholders on their statutory responsibilities.
- Assistance with the preparation of Statement of Affairs.
- Advice and assistance to Creditors.

For more information please contact us on +353 1 6114056.