When Examinership Can Be To Your Benefit

Insolvency In Ireland - When Insolvency Can Be To Your BenefitWhen you come to the point that your business is experiencing insolvency, the courts may determine that you need help due to your company’s financial status, and though examinership can be helpful, you should remember that an examiner is appointed by the court and you must do what they say. Failing to follow their instructions will result in your business being liquidated.

Working for Creditors

At this stage of the game, you are no longer working for yourself, but for your creditors. This is an important distinction and it is the job of the examiner to determine if your business can do this and how. Which is why it is imperative that you follow their instructions to the letter. On the other end of the process, your business could become solvent again.

Examiners can be Invited

An examiner is someone who comes into your business and basically assesses it from top to bottom. They are looking to see if your company can meet its current obligations and if not they will advise you on how to do things better. If you begin to see signs that your business is floundering and want to avoid a court appointed examinership, it is wise to invite an independent firm to come in and basically do the same thing.

Turning things Around