A winding up of a company on foot of a petition presented to the High Court is known as a Court or an Official Liquidation.
Who can petition the High Court to wind up a company?
A company, a director or shareholder may petition for the appointment of an Official Liquidator or more likely a creditor of the company can make this petition on foot of an unpaid sum owing by the company to the creditor.
The applicant must demonstrate that the company is unable to pay its debts.
Who is the Official Liquidator responsible to?
The Official Liquidator is an officer of the Court and is required to report to the High Court on the work carried out in the Liquidation and his findings in respect of the investigation into the affairs of the company.
How can Baker Tilly Kirk assist?
On behalf of a company going into Liquidation:
- Act as the company’s nominee as Official Liquidator
- Prepare the Statement of Affairs
- On behalf of creditors of a company going into liquidation
- Act as the creditor’s nominee as Official Liquidator
- Review a creditor’s claim against the company
- Advise on retention of title rights