Foreign investors who have business operations in Ireland that have to be shut down due to a restructuring or insolvency procedure should know the legal procedure which is applicable in this particular case. Our team of Irish solicitors can assist investors with expert advice, tailored according to the needs of that certain case.
Restructuring attorneys in Ireland
Our team of Irish lawyers, who have a wide experience in restructuring a business, can provide legal assistance to a indebted company; the process of restructuring a company can be applied as a first method by a company which is no longer sustainable from a financial point of view.
The process of restructuring a company can have positive results overall, as the lawyers and other types of corporate experts can identify the main issues leading to the actual financial crisis and can provide viable solutions to the management of the company in order to reposition the business on the market.
The process can be done through an operational manner, which will assess the company’s current activities by providing a new framework that will generate financial gains. Another procedure refers to the financial restructuring of the company, a process that will measure the ability to face the company’s debt during this operation.
Insolvency procedures in Ireland
According to the Irish legislation, a company can be considered insolvent in the moment when is no longer able to pay its debts. The local legislation provides several insolvency procedures, which refer to the following:
• liquidation – the process through which a debtor company is dissolved with the assistance of an appointed liquidator, who will enforce the provisions of the Companies Act on insolvent companies;
• examinership – a procedure applicable to insolvent companies in Ireland which can prove through their balance sheets that the business is insolvent or will soon become liable;
• schemes of arrangements – a procedure applicable under the legislation of the Companies Act 2014 which allows the members of the companies or the creditors of the company to renounce to their rights, that will be transferred to the restructuring process. In order to be able to perform this action, the investors should file a petition to the Irish High Court.
If you need further information on the restructuring and insolvency procedures available in Ireland, please contact our team of Irish attorneys for legal assistance.