Receivership
A company which is in receivership has had a receiver appointed who is realising and receiving its assets and/or managing its affairs in the hope that debts outstanding to the debenture holder which appointed him/her can be met.
A receiver may be any person who is neither a body corporate nor an undischarged bankrupt. He/she may be appointed by the Court or out of Court to act as receiver of the property of a company. He/she will apply its benefits, rights, interests, as directed and will account for his/her receipts and payments during the period of her/his appointment. The duties of a receiver are normally set out in the instrument under the terms of which he/she is appointed.
Statutory requirements
A notice of appointment of receiver (Form E8) must be filed with the CRO within seven days of appointment and must also be published in Iris Oifigiúil
and in at least one daily newspaper circulating in the district where the registered office of the company is situated.
Once a receiver is appointed all invoices, orders for goods and business letters issued by or on behalf of the company must contain a notice to that effect.
Where a receiver is appointed on behalf of debenture holders, who are secured by a floating charge, a statement of the company's affairs (E10/Form 17) must be submitted to the receiver who must file a copy of same with the CRO.
The receiver must file abstracts of her/his receipts and payments on Form E9, for each six-month period from the date of her/his appointment, and any lesser final period up to the date he/she ceases to act. A notice of ceasing to act must then be filed on Form E11.
All receivership documents have filing fees of €15.
Upon cessation, unless the company is already in liquidation, a statement by the receiver, is required under Section 52 of the Company Law Enforcement Act 2001, to assert whether, at the date of cessation, the company was solvent. This statement is filed with the final receivers abstract. This statement is forwarded by the CRO to the Office of the Director of Corporate Enforcement.
Link to Forms Page E8-E11
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