do a search on this site and you will come accross this kind of question a lot and peoples recomendations on that. i am an accountant and i have used and i have found them very helpful. i dont touch liquidations myself as they are too complicated for me. give them a call and they will go over your options on the phone. Alternativley i am attending a liquidation tomorrow - i know the liquidator and you could go along to meet him and he could go through your options. whatever you do dont bury your head in the sand and address this the sooner the better.
Sorry to hear of your situation. It sounds like you are facing insolvent liquidation. You really need to speak with an insolvency practitioner. ( Start by sitting down with your accountant I would say and go from there )
The advice I received from my accountant last year was that it would cost about 15,000 to liquidate! The easiest option at the time was to voluntarily
liquidate the company, but all your debts have to be paid to do this. Luckily we got through it and are still trading, but there has to be an easier way to wind up small businesses in Ireland, particularly during the current climate,
Information on this in general is very poor, with varying info available from accountants. It is much more straight forward, clearer less expensive to wind up a company / business in U.K. This is an issue that urgently needs to be updated and addressed.
Cheapest price for a solvent liquidation assuming all tax returns submitted and all creditors paid, no property, cash only €2k plus vat.
Cheapest price for a standard insolvent liquidation with no land or buildings €8k plus vat.
Information on this in general is very poor, with varying info available from accountants. It is much more straight forward, clearer less expensive to wind up a company / business in U.K. This is an issue that urgently needs to be updated and addressed.
Cheapest price for a solvent liquidation assuming all tax returns submitted and all creditors paid, no property, cash only €2k plus vat.
I am in the same situation where I am a director of a LTd Company that never traded. However, we do have one creditor. We have been dealing with a so called liquidator who is telling us to go for voluntary windup, which we think is not right. We think it should be Creditors Voluntary Liquidation from reading up on it. Also I think we need a better liquidator. Has anyone any recomendations on a good liquidator and how much would it cost roughly? Any info/advice qould be appreciated.
bookbinder, i would recommend Friel Stafford for liquidation (). however you may find that liquidation costs actually exceed the amount owed to this creditor.if this is the case, you would be better going for voluntary strike-off and for this i'd recommend . They do it for only about €450 and that includes the cost of the advertisement.
Cheapest price for a solvent liquidation assuming all tax returns submitted and all creditors paid, no property, cash only €2k plus vat.
Cheapest price for a standard insolvent liquidation with no land or buildings €8k plus vat.
With voluntary strike off all creditors have to be paid by either the company or by the directors. If you voluntarily wind up the creditor can subsequently follow you for the debt.
Friel Stafford are good. I have a contact in Galway that will do work for a very competitive fee. Do not be put off by the distance. Bar the creditors meeting everything is done by phone, fax, email.