How easy is it for a company to Liquidate

[FmlEmployee]

Hi,

I work in a small design firm in the west of Ireland and was told last week that the company was going into liquidation. I subsequently heard that a new company was going to be formed instead of the old one soon after and that some of us may be asked to to work in it.

I just need to know liabilities we have (in the existing company) before we liquidate and start up again. I am not so niave to believe that we can simply liquidate with debts and then form a new company without some obligation or financial penalty.

Any help to undersatand the legal obligations would be appreciated.

Christine.

 

[MandaC]

It will depend on if it is a members voluntary liquidation or a creditors voluntary liquidation.

 

[Raskolnikov]

I am not so niave to believe that we can simply liquidate with debts and then form a new company without some obligation or financial penalty.

I think you're right to have worries.

You simply cannot liquidate a company and transfer assets over to a new company to start "afresh".

 

[simplyjoe]

I think you're right to have worries.

You simply cannot liquidate a company and transfer assets over to a new company to start "afresh".

Now who's being naive? Are you saying that this never happens?

 

[simplyjoe]

Error posting

 

[8till8]

Are you an employee or director?