Horwath Bastow Charleton Limerick

THE NEED

Corporate failure is part of business and winding-up an insolvent company is a corporate responsibility. Whether you are a company director or shareholder, when witnessing a business in trouble you should obtain an independent financial review of the company’s affairs from an external experienced practitioner. If a turnaround is not possible, then it may be necessary and desirable to wind-up the company in an orderly and responsible manner. We have seen this in a situation where it took a company up to six months to land an order. When two prospective orders fell through the company directors decided the cost of keeping the company open to wait for another order would be prohibitive. They arranged for an orderly winding-up of the company and as a consequence creditors and shareholders have benefited from a swift resolution. We advised the directors prudently ensuring all regulations were met and there was no fraudulent preference.

In another instance, upon being approached by shareholders of a building company immediately prior to the construction burst, we advised them not to invest further personal funds unless a number of other issues could also be resolved. When this did not occur the company was wound-up and now, in hindsight, the shareholders are of the view they are lucky they did not invest good money after bad.

CREDENTIALS

At Horwath Bastow Charleton we are experienced insolvency practitioners offering efficient and cost-effective insolvency services to a range of stakeholders:

Banks and other charge holders: we act as receivers recovering a specific liability for a debenture holder.
Revenue and the courts: we act as Revenue-appointed or court-appointed liquidators ensuring all legal requirements are met, assets are secured and creditors are paid in the correct order.
Creditors: we take appointments as liquidators when creditors decide to wind up a company and ensure no fraudulent preference is displayed.
Employees and other stakeholders: we complete voluntary liquidations distributing assets in the most tax-efficient manner smoothly and quickly.
Owners, shareholders & directors: we offer restructuring and tax planning services to companies in financial difficulty or conduct an orderly winding-up if a company is insolvent.
Personal insolvency: we advise on cases of personal insolvency ensuring all Revenue guidelines are adhered to and reorganise the individual’s financial affairs.

As one of the country’s foremost firms of investigating accountants, we at Horwath Bastow Charleton Limerick will - without obligation - assess all the issues facing the company in difficulty. We will quickly conclude and present our findings to the directors, members or bankers. We offer recommendations for the most appropriate solution - be that receivership or liquidation. Our fees are competitive and our billing system is transparent detailing all time charged on the project.

BENEFITS

The Horwath Bastow Charleton ethos is centred on being the strongest client-focused firm of financial advisors in the market. Our business is built on a reputation for knowledge and integrity driven by a highly motivated team who strive for continuous improvement. This informs every aspect of our business none more so than the sensitive area of insolvency.

When engaged in insolvency proceedings we seek to achieve the most efficient outcome for all stakeholders. We are keenly aware of the delicate nature of the work involved and the investments – both financial and personal – which are at stake. We approach the situation with professionalism which enables our insolvency specialists to resolve issues and create solutions which meet the expectations of all parties. We ensure all legal requirements are met in a timely fashion and financial information is accurate and transparent, maintaining communication channels with stakeholders.

For further information please contact:

Brian McEnery
E: brianmcenery@hbcl.ie

Eoin Ryan
E: eoinryan@hbcl.ie