Liquidating a company in ireland
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The level of payment the liquidator receives should be based on:• The complexity of the case • How effectively they carry out their duties • Any extra responsibility the liquidator takes on • The value and nature of the assets A full estimate of the liquidator’s fee should be provided in advance of the work they complete.
Their payment claim should be made along with evidence of any expenses and the progress that has been made.
Between three and five members can be elected to the committee.
As part of this duty, they may apply to the court to restore property that has been disposed of in an unfair way.
This is called passing off and under section 216 Insolvency Act 1986 it can lead to criminal action against the director or being held liable for all of the debts of the new company should it too go into liquidation. It is possible to buy the name through administration, or the liquidator can agree to sell the name and a court application can support this.
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