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A Court Liquidation, also known as an Official Liquidation is when a Liquidator is appointed to a company by Order of the High Court. The High Court will make an Order to wind up a company and appoint a liquidator on foot of a petition to have the company wound up. Who May Petition the High Court for a Winding Up?A Creditor, a Director, A Shareholder, or the Company itself may take a petition to the High Court for the winding up of a company. The majority of Petitions for Winding Up are presented by Creditors of the Company. When a Creditor is pursuing a Debtor for monies owed, it would exhaust all avenues of debt collection before bringing a Petition to the High Court due to its costly nature. The Role of an Official LiquidatorThe role of an official liquidator is very similar as to that of a liquidator appointed by way of a Creditors Voluntary Liquidation, including submitting a Report to the Office of the Director of Corporate Enforcement and investigating the company and its directors. In a Court Liquidation there is no meeting of creditors convened and no opportunity to appoint a Committee of Inspection. The liquidator is obliged to submit Reports to the Court Examiners Office on the liquidation. How O'Boyle & Associates can help?At O'Boyle & Associates, we can act as a nominee for Official Liquidator, assist creditors and liaise with their legal advisors with regards to a High Court Petition. Please feel free to contact us with any queries you may have on Court Liquidation or any aspect of Insolvency. |
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