Cost for liquidation? 1-employee company, no stock, Revenue only creditor

[Paddy199]

J. Ryan, you are correct. Revenue rarely vote at these meeting.

You are also right about the ODCE but they rarely restrict directors unless its a clear cut case of reckless trading.

Basically, appointing a liquidator is a bit like politics. If you get creditors on your side and control the creditors meeting, you can get your 'guy' in and this will make the whole process alot easier.

 

[jack2009]

It is not the ODCE that decides if the director(s) should be restricted it is the liquidator who reports as to the honesty and responsibility of the directors.

You might be able to get a straightforward liquidation done for around €5,000 but be warned there are some good guys out there that will do a good job for this amount of money and some bad guys who will make you wish you had paid €15,000.

Revenue will not vote at the meeting unless that have absolutely no faith in the proposed liquidator and believe that there has been some sort of fruad/dishonestly.

If you would like any further advise pleae pm me.

 

[Bronte]

The Revenue rarely votes at such meetings as once it does, it loses its preferential status.

A preferential creditor is one who gets paid before other creditor's. There is a line of who gets paid first. The higher the security one has the more likely to get paid. You are saying that by voting revenue loses this status, how so?

 

[jack2009]

A preferential creditor is one who gets paid before other creditor's. There is a line of who gets paid first. The higher the security one has the more likely to get paid. You are saying that by voting revenue loses this status, how so?

Revenue do not lose their preferential status by voting! Revenue have a policy of not voting at creditors meets except in extreme circumstances.

The only creditor that is not allowed to vote is that of a secured creditor. However a secured creditor can vote if he surrenders his security.