Insolvency & Debt Recovery
Insolvency & Debt Recovery
Able Corporate Law Solicitors advise on all aspects of Irish corporate insolvency law.
We routinely act for liquidators, receivers and examiners appointed to Irish companies.
We also regularly advise financial institutions in relation to formal and informal restructuring work.
We also regularly advise both secured and unsecured creditors in relation to protecting their interests when faced with the insolvency of a customer or business partner.
Our practice for insolvency practitioners also positions us to represent directors faced with restriction or disqualification applications or directors who may be the subject of legal action by insolvency practitioners or the Office of the Director of Corporate Enforcement.
Insolvency and Corporate Recovery
Our Litigation and Dispute Resolution team provides advice and support to directors, shareholders and creditors on a full range of insolvency and corporate recovery issues. The team also advises insolvency practitioners on all aspects of national and cross-border insolvency matters.
Directors: The Corporate and M&A team has broad experience of advising directors on the consequences resulting from the appointment of liquidators, receivers and examiners. The team specialises in providing focused advice to directors on reckless trading, fraudulent trading, misfeasance and restriction or disqualification of directors.
Shareholders: The Corporate and M&A team can assist shareholders in exercising their legal rights against companies or directors who have engaged in wrongful conduct. We also advise shareholders on the risks and effects of voluntary and involuntary liquidations.
Creditors: The Corporate and M&A team advises on the options available to secured and unsecured creditors when seeking to recover from an insolvent company. We can also attend creditors’ meetings to support and advise our clients through the insolvency process.
The insolvency and recovery issues handled by the team include voluntary and involuntary liquidations, examinership, schemes of arrangement, receiverships, cross-border insolvency and bankruptcy.
Issue of Demand Letter(s)
A demand letter will be issued to the debtor seeking the recovery of your outstanding account. They will be given a deadline of 28 days from the date of the letter to discharge the outstanding account.
An optional follow up letter of demand can be issued if the debtor fails to respond to the initial letter. We can also initiate credit checks and
Follow up negotiation with debtors by phone and in most case agree a suitable repayment plan with them by instalments over a number of months to you.
Detailed company searches and reports.
Issue of Legal Proceedings
If the debtor fails to respond to the demand letter(s) a civil summons can then be issued and served on the debtor. If the Debtor refuses the letter then we can obtain a court order for sevice on them by other means.
Should the debtor fail to respond or acknowledge the proceedings we can then make an application for Judgment against the debtor.
Where the debtor defends the action we attend court with you to prove the debt on your behalf.
Please note: – The procedure regarding the issue and timeframe for responding to legal proceedings varies, depending on the court e.g. District, Circuit or High Court. However, full details will be outlined to you at the stage of issuing proceedings.
Once Judgment has been obtained against the debtor you can then seek to enforce the Judgment through various options.
We can apply to the High Court to have judgements obtained outside Ireland (but within the EU) deemed valid within our jurisdiction.
We obtain a Court Order directing the debtor to pay the debt in fixed instalments.
We can register the judgement as a mortgage on property owned by the debtor.
We may seek an Order on foot of such a Mortgage to sell property and discharge the debt.
Where the debtor has sufficient funds we may apply to have him or her declared Bankrupt.
We may seek to have a company liquidated but this option is not always practical.
In some situations directors can be held liable for Company debts.
We can initiate private investigations of debtors to provide a financial profile.