As a result of this unanticipated economic downturn, many companies have become under severe pressure to maintain capital and interest repayments, supplier account payments along with day-to-day business expenses. Some companies who have experienced trading difficulties may be unable to pay their debts as they fall due. As a result of this the company is therefore declared to be insolvent and the company must therefore be liquidated.

There are three types of company liquidations:

• Creditors Voluntary Liquidations
  Creditor’s Voluntary liquidations are initiated by the directors when a company is insolvent. The liquidator is confirmed at a subsequent meeting of creditors.


• Members Voluntary Liquidation
  Member Voluntary liquidations are initiated by the directors. It is a solvent winding up with no creditor involvement. It can be an effective method for shareholders to unlock company assets in a tax efficient manner.


• Court Liquidations
  The liquidator is appointed by the courts and is an officer of the courts.

If company directors find that payment of debts has become increasingly difficult, they should seek professional advice immediately. At John McCarrick & Associates we have a wealth of experience in dealing with the aspect of liquidations whether be creditors or voluntary. We offer the following services with regard to company liquidations :

• Free initial consultation
• Advice on all the necessary steps to place a company into creditor’s voluntary liquidation.
• Advice on dealing with secured, unsecured and preferential creditors.
• Act a liquidator
• Reporting to the relevant authorities such as the companies registration office and the director of corporate enforcement.

John McCarrick & Associates boosts a successful track record in winding up companies through creditors and voluntary liquidations. If you are seeking professional advice with regard to company liquidations, we would be glad to assist you.