Corporate Restructure and Insolvency
KBG is to the forefront in advising with regard to Corporate Recovery and Insolvency. We provide practical support and advice to directors, shareholders and advisors and of Companies of all sizes. We do not assume that insolvency proceedings are always inevitable, and we will examine all options available to a Company.
Creditors Voluntary Liquidation
A Creditors Voluntary Liquidation is the most common liquidation process in Ireland. It is a process used to deal with a Company that is insolvent. Creditors Voluntary Liquidation is usually initiated by the Company's directors and follow the procedures as set out in the Companies Act 2014. The first step is for the board of directors to have a board meeting to agree that the Company should be placed into liquidation and that notices should be sent to shareholders and creditors.
Members Voluntary Liquidation
A Members Voluntary Liquidation winds up solvent companies and distributes surplus funds back to shareholders. When a company has completed its purpose, or the directors of a company decide to retire, a Tax efficient way of releasing the surplus which may have accumulated is to place the company into a Members Voluntary Liquidation. The Tax advantage for shareholders is that a capital gain received on their shares will only be taxed at 33%, whereas if the surplus monies were taken out as salary, then these monies may be taxed at a much higher marginal tax rate. To place a company into a Members Voluntary Liquidation, the directors must follow a Summary Approval Procedure as set out in the Companies Act 2014 which requires the directors must complete a Declaration. The Declaration summarises the company's assets and liabilities and the directors state that the company will be able to pay all of its debts in full within 12 months of the commencement of the Liquidation. There may be serious consequences for the directors if they swear a Declaration which is inaccurate.
A High Court Liquidation is generally initiated by creditors seeking payment from insolvent companies
Our Corporate Restructuring & Insolvency Services:
Business and Asset/Property Reviews
Turnaround & Restructuring
Creditors Voluntary Liquidations ("CVL")
Members Voluntary Liquidations ("MVL")
Corporate Recovery & Restructuring
As a specialist Corporate Recovery practice we have developed a wide range of analytical tools and techniques to assist Companies which may be in temporary financial difficulty. In general terms, each Corporate Recovery assignment may be broken down into four steps as follows:
Identifying the problems
Assessment of business viability
Devising a recovery strategy
Monitoring a recovery strategy implementation
Our dedicated restructuring team works with stakeholders to restructure businesses that are experiencing financial difficulties, and seeks to rebuild corporate performance and restore stakeholder confidence
Please visit our Personal Insolvency Page for more information.
If you're an individual facing financial difficulties and you can't seem to find a solution to your problems on your own, KBG can provide timely and invaluable support and the sooner you contact us, the quicker we can help you stabilise your financial situation. We can advise sole traders, directors of collapsed companies and any individual with personal liabilities. Not all solutions will fall into the new legislative measures and a negociated solution outside of same may need to be formulated. The legislation requires the use of a PIP ( Personal Insolvency Practitioner ) who is regulated by the ISI ( Insolvency Service of Ireland ) to act as the regulated intermediary between the debtor ( borrower or person in debt ) and the creditor ( bank or other entity owed money ). There are only a small number of such qualified persons in Ireland right now, KBG having a PIP in house Mark Reilly. Mark Reilly is authorised by the Insolvency Service of Ireland (ISI) to carry on practice as a Personal Insolvency Practitioner (PIP).
How Can KBG Help?
If you are worried about your own financial position or you are facing personal insolvency, and you need the professionals please contact KBG in Cavan on 049-4361444 or Longford 043-3354028 for an initial consultation or email us on firstname.lastname@example.org We treat all cases with the utmost confidentiality.