Chartered Accountants & Registered Auditors
Recovery & Insolvency
Don’t leave it too late – quick reaction can prevent insolvency!
Being in business is not easy and often is a juggling act contending with tight margins and limited cashflow – then one of the balls fall and everything quickly crashes down. A quick reaction to a business crisis means that there are more avenues open to ensure survival.
Early intervention can allow for the use of Examinership/ Examinership Lite Programmes/ Loan Negotiations/Informal Schemes of Arrangement where the owners remain in control of the process.
Late intervention can result in the appointment of a Receiver by chargeholders, windup by Court Liquidation or Creditors’ Voluntary Liquidation where decisions about the business are taken out of your hands.
It is during times of adversity that you most need support. At McInerney Saunders, we act as a sympathetic but objective adviser who can help negotiate the way to recovery, planning a strategy to keep your company trading.
We help you get back on track, so the earlier you seek our advice, the better chance your business has of recovering. We provide realistic, impartial advice on the possible options – and the implications of their success or failure. Each company requires their own specific restructuring programme and we will work with you to optimise success!
- Early Intervention can allow you to avail of the Examinership Process or an Informal Scheme of Arrangement. this allows you to come to an agreement with your creditors to ensure future survival.
- Do you need an Independent Business Review for bank negotiations or Loan Restructure?
In cases where the company is no longer viable, however, we fully inform you of your statutory compliance and your obligation to creditors. Our services are focused on producing the best outcome for creditors and owners or individuals in circumstances that are always trying. There are many methods of winding up a business and we will ensure that the optimal solution is selected for you.
We can represent the holders of floating charges and provide pre-receivership assessments and reports, including assessments of the potential recoveries. We currently complete work and/or are panel members for a wide range of institutions including:
– NAMA – Bank of Ireland
-AIB NAMA – Allied Irish Bank
-KBC plc – Certus
Members' Voluntary Liquidation - Solvent Wind-up
When a company has completed its purpose, or the directors of a company decide to retire, a Tax efficient way of releasing the surpluses 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.
The process usually allows for near immediate release of the funds with the whole process taking circa 4-6 months dependent on Revenue Commissioner clearance.
Court or Creditors' Voluntary Liquidatin - Insolvent Wind-up
In cases where the company is no longer viable, we fully inform you of your statutory compliance and your obligation to creditors. Our services are focused on producing the best outcome for creditors and owners or individuals in circumstances that are always trying.
There are many methods of winding up a business and we will ensure that the optimal solution is selected for you:
- Court Liquidation
- Creditors’ Voluntary Liquidation
Get in touch Today on +353 (1) 8404029.
Get in touch Today on +353 (1) 8404029.
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