MacSweeney&Co
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Chartered Accountants Irleand Irish Taxtation Institiute



Insolvency & Business Recovery

Even the best run companies encounter difficulties from time to time. Whether problems with cash flow, demands from suppliers or the Revenue Commissioners, continuing losses or other problems, we provide a comprehensive service on all aspects of business recovery and insolvency. We provide practical advice to businesses on dealing with their current difficulties including all aspects of managing their relationship with their banks and creditors. We examine all the options that a business has and come up with practical solutions to try to overcome these difficulties.

We provide:-

  • Reports identifying the business` underlying problems and draw up a business plan charting the most effective way forward
  • Advice on cash management and debt refinancing
  • Advice on restructuring of your business to enable the company to get the best from both the financial and human resources available

Where the company is insolvent and continued trading is no longer appropriate, the directors need to ensure that they take the correct steps to protect themselves personally and the company`s creditors. An orderly wind down of the business by the directors may be needed to prevent further losses to creditors and ensure directors do not leave themselves personally liable to claims of reckless or fraudulent trading.

We provide:-

  • Pre-liquidation advice to directors and shareholders
  • Advice on the consequences of a liquidation for directors, shareholders and creditors
  • Prepare necessary documentation and convene statutory meetings in order to confirm the appointment of a liquidator
  • Creditor`s Voluntary Liquidation – we act as creditor appointed liquidator ensuring that the winding-up is carried out as efficiently as possible maximising any return for creditors
  • Member`s Voluntary Liquidation – in situation where the company being wound-up is solvent, we act as member appointed liquidator and distribute the company`s assets
  • Where a company’s customer has gone into liquidation, we will attend the creditor’s meeting on the client’s behalf and clarify Retention of Title claims, assess whether there is a prospect of any dividend for the client and ensure that the client’s wishes are represented at the meeting and during the period of the winding-up.

For further information please contact:- Michael MacSweeney