Insolvency

If you're facing financial difficulties, whether as a business or an individual, and you can't seem to find a solution to your problems on your own, SOS can provide timely and invaluable support – and the sooner you contact us, the quicker we can help you stabilise your financial situation.

Restructuring

Restructuring

Swan O Sullivan can draw on the significant experience of our professional team to provide a specialist restructuring services. Don't ignore the early warning signs that can threaten a company's survival. Early warnings signs include:

  • Delaying paying creditors
  • Submitting Revenue returns late or without payment
  • Purchasing equipment on finance when you previously paid cash

If you can identify the problem, take specialist advice when it is detected. The longer you leave it, the less likely a restructuring can be achieved, and the company will probably be liquidated. Unless a carefully considered plan in is place companies can find that most effort is concentrated on the financial restructuring and debt restructuring of the business while underlying operational and management problems continue to exist. Our team of experts can help identify the problems that contributed to the crisis. They can guide you to effective solutions to the unique problems facing your organisation.

To discuss your restructuring options, please contact us.

Personal Insolvency

In the current economic environment, personal insolvency / bankruptcy has unfortunately become a lot more prevalent due to the substantial decline in value of nearly every asset class including property investments, shares and other investments. Swan O Sullivan can draw on the significant experience of our professional team to provide a specialist service covering:

How can we help you?

  • Negotiate a settlement with your creditors
  • Prepare an "Informal Scheme of Arrangement" with your creditors
  • We can advise sole traders, Directors of collapsed companies and any individual with personal liabilities
  • It is also possible to prepare a formal scheme of arrangement through the Court system

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Liquidation

A company is insolvent when it cannot pay its debts as they fall due. The company can take action itself and appoint a Liquidator, or if the situation becomes hostile, a Creditor may appoint a Liquidator or a Receiver.

Creditors' Voluntary Liquidation

In a Creditors' Voluntary Liquidation, the Liquidator is appointed to the company by the Creditors of the insolvent company. The process commences with the Directors passing a resolution to make a recommendation to the Members that a Liquidator be appointed because the company is insolvent and cannot pay its debts as they fall due. The Liquidator is responsible for realising all of the company's assets on behalf of the creditors and shareholders. The Liquidator reports to the Director of Corporate Enforcement in accordance with the Company Law Enforcement Act, 2001.

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