News

It’s Summertime! Time for a Voluntary Administration

Many businesses struggle through the holiday season, either due to a forced shutdown or unexpectedly low sales.   When the 15th of January comes around and the taxes are due, many companies find it difficult to pay their bills. Is a Voluntary Administration the magic bullet solution for the problem?   Simply put: No.   ... read more.

Liquidation strikes – but do the employees get paid?

Employees get a preference in a liquidation. It’s a well known and publicised fact. Schedule seven of the Companies Act 1993 stipulates, quite clearly, that employees get paid first … most of the time. There are a few exceptions to the rule which we discussed in our previous article on the matter “So you think ... read more.

Insolvency Stats – September 2016

  There were 177 appointments in September 2016. 164 liquidations, no administrations and 13 receiverships were recorded.   Total insolvency appointments stand at 1,717 for the year to date which is down on previous years.   Applications made to the High Court to liquidate companies in September 2016 totalled 23. This is considerably lower than ... read more.

Business for sale? Get the right value

    Buying a business – buyer beware?   As with any investment, it pays to know and understand as much as possible of your potential business venture. Particularly when your client is considering buying a business.   At the core, it is up to the buyer (and their advisers) to make sure they are ... read more.

A house divided? Property ownership

  Separate Property => Relationship Property   The Property (Relationships) Act 1976 (“PRA”) has been enacted to determine how the property of couples is to be divided once they separate.   The general principle is that property is to be divided equally between the couple.   Life is not that simple, however, so the Act ... read more.

When is an accountant not an accountant?

Consider a chartered accountant   There are many accountants out in the field, but a chartered accountant is able to do much more than crunch numbers. They are able to guide you during difficult financial times to turn a negative situation into positive.   But most importantly, a qualified chartered accountant is able to provide ... read more.

Insolvency statistics – May to July (2011 – 2016)

    There were 168 appointments in July 2016. 156 liquidations, no administrations and 12 receiverships were recorded. The volume of liquidations is down on those seen in July for each of the last 5 years, however, receiverships have increased. Total insolvency appointments stand at 1331 for the year to date which is down on ... read more.

The company is being liquidated – are you personally liable?

Starting off on the wrong foot?   When forming a company as a director or shareholder, you usually set up accounts with suppliers to acquire goods. To do this, you will typically be asked to provide a personal guarantee (PG) — an unsecured written promise guaranteeing repayment on goods in the event the business does ... read more.

What are the advantages of liquidation?

  What are the advantages of liquidation?   This is a question we get asked a lot. “What are the advantages of liquidating?” It is usually followed up with something like: “Wouldn’t it be better to just allow the Company Registrar to strike the company off when no annual return is filed?”   As every ... read more.

Insolvency statistics – March to May (2011 – 2016)

  There were 180 appointments in May 2016. 170 liquidations, 3 administrations and 7 receiverships were recorded. The volume of liquidations is down on those seen in May 2012, 2013 & 2014, but close to those seen last year. Total insolvency appointments stand at 938 for the year to date which is down on 2015, ... read more.

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