Search Results for 'Bankruptcy'

Fine Gael Mayo TD, Michelle Mulherin, has said the Personal Insolvency Bill published last week will give a vital lifeline to distressed mortgage holders and those overwhelmed by personal debts. The Heads of the Bill was published by Ministers Alan Shatter and Michael Noonan this week, and it is hoped it can be published in its legislative form by the end of April.

The Personal Insolvency Bill – published this week – will offer a lifeline to distressed mortgage holders and those overwhelmed by personal debt, Kilkenny Fine Gael TD John Paul Phelan has said.

Company directors in Connacht need to know the legal duties and responsibilities of their role, especially in times of difficulty. Failure to do so can have serious consequences, according to Tom Byrne, Kiltimagh native and president of the Institute of Directors in Ireland.

After the coming general election we will hopefully elect a new Government with a new focus, new energies and hopefully more ability.Those elected must immediately make many difficult, contentious and unpopular decisions. They must not shirk their responsibilities. We can all see the results of Bertie Ahern’s cowardly self serving keep everybody on-side at all costs. We are now paying a heavy price for his cowardice and greed. Amongst other things I believe the new Government must implement the following;

In a year that saw the largest ever number of individual and corporate debt judgements registered in the Irish courts, Westmeath fared relatively unscathed, with its 72,000 residents attracting 139 judgements totalling just over €5.2m; however much worse is predicted.

In these exceptionally difficult times, it is absolutely necessary that your business is equipped with the most effective ways of maintaining cashflow. The most common problem facing many businesses at the moment is that outstanding bills are not being discharged in a timely fashion, or at all. How then do you go about ensuring that this problem is banished from your business? One of the most efficient ways of doing this is by commencing debt collection proceedings against the company or individual. Developing a reputation for being proactive about the collection of fees or invoices owed to you can be no bad thing, as it will foster a culture of immediate payment by your clients because they will be aware that if they dont pay, you will follow them for it and not simply brush that fee note under the carpet!

Apparently what we are seeing now in terms of house repossessions, company bankruptcies and one-time big business honchos being hauled before the courts for bad debts, is only the first wave in what is predicted to be a tsunami of personal financial horror stories. This is because up to now, as bad as things appeared on the outside, ducking and diving have actually been the two main activities keeping people going since the economic crisis began. What this means in real terms is that instead of facing up to debts as soon as they hit, many in trouble adopted the ‘head in the sand’ approach, shoving their problems deep under the rug that time forgot, never to be retrieved again unless under threat of a shotgun to the head.

Q. I read your answer on liquidation and insolvency last week with interest. However, I have a different set of circumstances. I have a trading company with the trading premises held within the company and financed by a large bank loan. The lending bank has a fixed charge over the property and a floating charge over the other assets. I am not going to be able to keep the repayments going on the loan much longer. I have only been able to do so by increasing the period during which I can pay my creditors and I can’t do this much longer as the creditors have me under huge pressure. I have been told that the bank might appoint a receiver but your answer last week did not refer to this. What is a receiver and how is a receiver different from a liquidator?

Q. My wife and I are owners and directors of a trading company. The company has been badly hit by current economic conditions and we do not envisage our trade recovering. The company’s balance sheet position has deteriorated rapidly and assets only slightly exceed liabilities. Our main asset is the premises from which the company trades but which is owned by us personally. This is subject to a large mortgage which we are struggling to pay and we are currently in default. If we continue trading it is unlikely that we will be able to meet our liabilities. I was told that our creditors or the bank could liquidate the company. Is this true? If so what are our options and what does the liquidator do?

There was devastating news for employees of Athlone’s Sasha store this week as it was announced that it is to cease trading in Golden Island Shopping Centre.