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Corporate Recovery & Insolvency
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Mark Woodcock of McDowell Purcell Solicitors delivers a concise update on the current Corporate Recovery and Insolvency trends in Ireland. He explains the options available to businesses in financial ...

Mark Woodcock of McDowell Purcell Solicitors delivers a concise update on the current Corporate Recovery and Insolvency trends in Ireland. He explains the options available to businesses in financial difficulty and provides valuable advice for the accountants advising these businesses.

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Corporate Recovery & Insolvency Document Transcript

  • 1. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. In Association with:- Online CPD for Accountants & Professional Advisors Corporate Recovery and Insolvency Presenter: Des O’Neill CPA; A.C.I.S; ACCA CPDStore.com Unit 3, South Court, Block D, Iveagh Court, Wexford Road Business Park, 5 – 8 Harcourt Road, Carlow. Dublin 2. 059 9183888 01 4110000 www.OmniPro.ie www.CPDStore.com OmniPro Education & Training
  • 2. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Liquidations Presented by Mark Woodcock Liquidations Liquidations • Voluntary Liquidation ‐ Members Voluntary Liquidation (MVL) ‐ Creditors Voluntary Liquidation (CVL) • Official / Court Liquidation OmniPro Education & Training
  • 3. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Members Voluntary Liquidation (MVL) • Meeting of Directors • Declaration of Solvency • Meeting of Shareholders • Practice Creditors Voluntary Liquidation (CVL) 1. Meeting of Directors 2. Notice of Creditors Meeting 3. Statement of Affairs 4. Chairman’s Statement 5. Meeting of Shareholders 6. Meeting of Creditors OmniPro Education & Training
  • 4. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Meeting of Creditors 1. Venue 2. Attendees 3. Control of the Meeting 4. Proxies 5. Consider Statement of Affairs 6. Approve or otherwise the appointment of liquidator 7. Appoint a Committee of Inspection Official / Court Liquidation 1. Introduction 2. Locus standi to petition the Court 3. The Company itself 4. Creditors and contributories 5. The Minister for Enterprise Trade & Employment 6. Bona fide dispute on substantial grounds OmniPro Education & Training
  • 5. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Official Liquidation Practice • Twenty‐one day letter • Petition • Affidavit verifying petition • Affidavit of service • Advertisement of petition • Affidavit of suitability of liquidator Resisting a Petition  Apply for interim/inter‐locutory relief  Apply for security for costs  Apply to appoint a provisional liquidator  Negotiate a lower settlement of debt OmniPro Education & Training
  • 6. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Petition Hearing  Dispute regarding petitioner’s claim  Exchange of Affidavits  Order winding‐up the Company and appointing liquidator  Order directing preparation of Statement of Affairs  Order directing liquidator to file a short report  Proceedings adjourned for further consideration Powers and Duties of a Liquidator  To bring or defend any action or any legal proceeding  To carry on the business of the Company  To pay any class of creditors  To make any compromise or arrangement with creditors  To sell the real and personal property of the Company  To execute all deeds, receipts and other documents  To appoint and retain the services of third parties  Need for court approval OmniPro Education & Training
  • 7. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Realisation of Assets/ Asset Swelling Measures 1. Fraudulent preference 2. Invalid disposition of property 3. Disclaimer of onerous property and contract 4. Fraudulent conveyance 5. Pooling and contribution 6. Invalid floating charge 7. Misfeasance 8. Fraudulent trading 9. Reckless trading 10. Fraudulent disposal 11. Lack of proper books and records Priority of Payments 1. Fees and expenses incurred in realising assets 2. Remuneration costs and expenses of a previously  appointed liquidator 3. Costs of the petition 4. Costs and expenses Statement of Affairs 5. Official liquidators disbursements 6. Liquidators legal fees 7. Liquidators remuneration 8. Expenses incurred by the Committee of Inspection OmniPro Education & Training
  • 8. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Restriction and Disqualification  of Directors Section 150 of the Companies Acts, 1990 (as amended by the Company Law Enforcement Act, Section 41, 2001) provides as follows:‐ “The Court shall unless it is satisfied as to any of the matters specified in subsection (2), declare that a person to whom this chapter applies shall not, for a period of five years, be appointed or act in any way, whether directly or indirectly, as a director or secretary or be concerned or take part in the promotion or formation of any company, unless it meets the requirements set out in subsection (3)…” Matters Considered by Court La Moselle Clothing Limited (1998) ILRM 345.  The extent to which a director has complied with obligations imposed  by the Companies Acts  The extent to which his conduct could be regarded as so incompetent  as to amount to irresponsibility  The extent of the directors responsibility for the insolvency itself  The extent of the directors responsibility for the net deficiency in the  assets  The extent to which the director demonstrated a lack of commercial  probity OmniPro Education & Training
  • 9. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Conclusion of Liquidation  Procedure for proof  Termination and aftermath  Effect of dissolution OmniPro Education & Training