Ireland · Winding up, strike off and restoration

Qualification, appointment, powers, remuneration and removal of the liquidator

the Companies Act 2014 · sections 624, 625, 629 to 636, 639 to 641, 643, 644, 646, 647, 649, 650 and 653

The liquidator's powers carry notice duties that run in days. Where a liquidator exercises any power specified in paragraph 1 or 2 of the Table to section 627, that liquidator must act within 14 days after the date the power was exercised, in the manner section 629(1) requires, subject to section 629(2). Before selling a non-cash asset of the requisite value by private contract, the liquidator must give at least 14 days' notice of that intention to all creditors known or intimated (section 629(4)).

Connected party sales are restricted by a 3-year look-back. Subject to section 629(9), a liquidator may not sell, by private contract, a non-cash asset of the requisite value to a person who is, or who within the 3 years before the date of appointment was, a person of the kind section 629(3) describes. Resignation is equally fast: a liquidator who resigns must give written notice within 2 days after the date of resigning to the Registrar and the Authority, and within the further period section 641(2) sets to the other persons it names.

Sections 624, 625 and 629 to 631 govern the liquidator's duty to administer the property of the company, the powers available and the restrictions on their exercise. Sections 632 to 636 govern qualification and disqualification for appointment, and the Authority may request the information section 633(3A) describes from a person standing to be qualified or already qualified. A person who vacates office by reason of the circumstances the sections describe must give written notice as sections 634(6) and 635(5) require.

Sections 639 to 644 govern appointment, removal, resignation and the notifications that follow each. Sections 646 to 653 govern remuneration, the disclosure of interest and the production of records. The terms on which the liquidator is entitled to remuneration are, where there is a committee of inspection, such terms as have been agreed in writing between them, and otherwise as section 646(2) provides.

Files 101, 102, 103 and 104 of the IE-COMPANY package cover this situation. File 101 works through the duty to administer the property, the powers exercised and the restrictions on them. File 102 works through qualification and disqualification. File 103 works through appointment, removal, resignation and the notifications with their dates. File 104 works through remuneration, the disclosure of interest and the production of records.

This situation is covered by these files from the pack IE-COMPANY

• File 101 · The liquidator's duty to administer the property, powers and restrictions
• File 102 · Qualification and disqualification for appointment as liquidator
• File 103 · Appointment, removal, resignation and notification of liquidators
• File 104 · Liquidators' remuneration, disclosure of interest and production of records

ComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership

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