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Liquidating a limited company

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In this case, liquidation lets you bring the business to an end in a way that maximises value for you and other shareholders.

If your company is insolvent and under pressure from creditors, it may enter into a creditors’ voluntary liquidation (CVL).

The voluntary strike off procedure is relatively straightforward and inexpensive and thousands of voluntary strike off’s are performed in Ireland every year.If you have a limited liability company that is to close or has ceased trading it’s very important that you take the necessary steps to formerly dissolve the company or follow a dormant company route.How to close a limited company in Ireland will depend on the status of the company and future plans for the company.During the winding up process, your insolvent company’s assets, such as property or stock inventory, are sold by an appointed liquidator.The proceeds are then used to pay some or all of what is owed to your creditors.However, according to Andrew Rosler, a licensed insolvency practitioner and managing director of Ideal Corporate Solutions, contractors can choose to close their company using a members’ voluntary liquidation.