Liquidating limited company ireland
Liquidating limited company ireland - biblical dating of job
Where a Company has a remaining liability this procedure is not available.
According to the Irish legislation, liquidation is defined as a terminal process where all company assets are liquidated, company creditors are paid and the company is dissolved and removed from the Trade Register’s records.
In total, the company has 145 unsecured creditors, many of which are small, independent contractors.
Speaking to on Thursday, one creditor, who was owed €32,000, said that he had never had problems with the company before and that it was highly respected. Also due significant amounts of money are Eastern-EWL Electric and Kellihers Electrical – they are owed more than €214,000 and €205,000 respectively.
Another common form of dissolution is the Voluntary Strike Off.
The requirements, methods of dissolution and consequences arising from these forms of dissolution differ significantly.
The most significant asset for the engineering services firm was its work-in-progress claims which amounted to in excess of €4.4 million but were estimated to realise €3.5 million.
According to the statement of affairs, “the realisable value of the work in progress is contingent upon the degree of completion of each project on a case-by-case basis.
The preferential creditors include the company’s employees, who are owed €987,211, and the Revenue, which is owed €53,714.
Garrabridge Limited, a lighting fixtures distributor registered in Cahir, Co Tipperary, tops the list of unsecured creditors because of a total balance of €256,369 due.
Precision Electric Ireland has entered liquidation while owing more than €4.3 million to creditors, €3.2 million of which is due to unsecured creditors.
The decision to wind up was taken by the company directors on the basis that the company’s liabilities far outweighed its assets.
According to the directors’ estimated statement of affairs, the total deficit at the company is €727,558.