Essentially liquidation is the last stage of a company’s life as it involves the realisation and distribution of a company’s assets and therefore companies want to avoid being forced into liquidation unless there really is no other option.
If your company faces the possibility of liquidation it is important to seek legal advice as we can assist you and provide support and advice in all aspects of insolvency, corporate restructuring, creditor compromises, receivership and liquidation.
Alternatively if you are owed money by a company there are a number of ways in which you can seek to recover the debt, before you can proceed to apply to have the debtor company placed into liquidation. These processes are strictly governed by the relevant legislation and you need to ensure that your process and formal demands are correct and precise or you application against the company could fail.
To initiate recovery action against a company one option is to serve a statutory demand in respect of an undisputed and unpaid debt. Failure to comply with that demand allows you to take further steps, which can include applying to place the company into liquidation. There are timeframes associated with such applications. The application is made in the High Court and needs to be accompanied by documentary and affidavit evidence which requires legal advice and drafting.
If you require any advice or further information on the matters dealt with in this publication please contact the lawyer at Farry and Co who normally advises you, or alternatively contact:
Kirsten Maclean
03 477 8870 or 09 379 0055
The information contained in this publication is intended as a guide only. It does not constitute legal advice and should not be relied upon as such. Professional advice should be sought before applying any of the information to particular circumstances. While every reasonable care has been taken in the preparation of this publication, Farry and Co. does not accept liability for any errors it may contain.