The examinership process can be very effective in certain circumstances in providing a chance for a company to survive. The process involves seeking High Court protection from creditors for a limited period, while an independent court-appointed examiner (usually an accountant) considers the opportunities for a survival package.
At Grant Sugrue, we guide the insolvent company through a recovery process involving management, lenders, creditors, suppliers and staff. Our authorization from the court allows us a high success rate in the favourable negotiation with all the parties.
Liquidation can take one of two forms:
Members’ Voluntary Liquidation
This is when a company decides to call a creditors meeting to appoint a liquidator. Grant Sugrue can advise on all tax and company law implications of liquidation. In a Creditors' Voluntary Liquidation, the liquidator is primarily concerned with the interests of the creditors.
Court Appointed Liquidation
This is when a Liquidator is appointed to a company by an Order from the High Court.
Receivership normally arises when the company has defaulted on a contract to repay loans or debts. The Receiver may be appointed by the court. Their primary role is to recover the money owing to creditors and manage the company’s affairs in the hope that the debts can be cleared. The company can continue trading while in Receivership.