Unfortunately, in some cases, there comes a time when the owner(s) of a struggling business need to take a step back and assess their situation. Getting insolvency advice early may help if your company is having problems with debt and accrued liabilities.
Assistance from an experienced team of specialist practitioners will lead to a more positive outcome for your business than choosing to negotiate with creditors independently.
RSM’s formal insolvency team has significant experience across all types of formal insolvency proceedings including liquidations, receiverships, examinerships and bankruptcies.
We have worked in various sectors dealing with a wide range of entities from large multinational PLCs down to SMEs. Though the circumstances may be difficult, our professional approach will focus on damage limitation, managing exposure to loss and realising value where possible.
Our formal insolvency services
Corporate receiverships are appointments made by the holders of fixed and floating charges over corporate entities. In certain situations, receiverships involve continuing to trade the business in the short term in order to preserve and enhance the value of the assets prior to disposal.
The key to a successful corporate receivership is to promptly devise a strategy to preserve and enhance asset values.
Our experience of corporate receiverships is extensive with appointments ranging from single companies to large groups, involving various sectors including retail, manufacturing, leisure and service industries. Our recent experience of trading receiverships includes a number of licensed premises, restaurants, retail and manufacturing businesses.
Our track record demonstrates our ability to achieve positive results for the benefit of the creditors.
A court liquidation is a formal winding up procedure of insolvent companies which is overseen by the court. They are usually commenced on the petition of the company, creditor or other stakeholders.
We have acted as official/court liquidator in numerous court liquidations over the years, and consequently, we have extensive knowledge with regard to the reporting and statutory requirements associated with this procedure.
Creditors’ voluntary liquidation (CVL) is a winding up process of an insolvent company, where its liabilities exceed its assets. This is the most common form of liquidation in Ireland, and is a process initiated by the creditors of the business, as the name suggests.
We provide advice to both company directors and stakeholders who face the prospect of insolvency and creditors who are affected by an impending liquidation of a key customer. We have a long track record of successful outcomes where we have been able to maximise the return and outcome for creditors and stakeholders.
At RSM Ireland we have extensive experience across a wide range of sectors where companies have been placed into a CVL process and we have acted as both company and creditor nominated liquidators.
Our professionals are familiar with each step from appointment to dissolution of the company after the final meeting and they have the necessary commercial and practical skills to achieve the best outcome from the process.
Fixed asset receiverships are appointments made by secured creditors to property assets which have been given as security to borrowings. Our experience of this type of procedure has been wide ranging from single unit residential investment properties to multi-million euro, multi-unit/commercial properties based countrywide and overseas.
Due to the volume of such assignments, we have established an in-house asset management function in order to offer professional expertise, commercially sound solutions and efficiencies in the receivership process.
RSM has extensive experience in dealing with individuals in financial difficulty. This experience covers acting as trustees in bankruptcy to large, high profile property developers, through to the restructuring of an individual’s personal financial affairs.
A number of our senior team members hold personal insolvency certificates and practice licences for both Ireland and the UK enabling us to be recognised in both jurisdictions.