A. Termination of a business operation by using its assets to discharge its liabilities
A. A creditors meeting is were creditors of an insolvent company are advised of a forthcoming meeting, at least ten days notice, and usually on the same day of the meeting of members at which the resolution for voluntary winding up is to be proposed.
The notice of the meeting is given by way of post and advertisement in two national newspapers. The meeting will take place at a time and place specified in the notice and is usually chaired by one director, who normally will have an adviser with him.
The attending creditors will receive a statement of affairs for the company and the chairman will read a statement of the circumstances which brought forth the meeting.
If your company is finding it increasiingly difficult to pay day to day business runing expenses, the business is behind on both Revenue and Company Office returns, also, credit is being refunsed by both suppliers and banks, and staff salaries are being delayed, then your business may be on the brink of insolvency.
If your company is answering yes to some or all of the above then you must contact your accountant immediately to discuss the future of your business.
A solicitors practice is required by the bye-laws of the Law Society of Ireland to appoint an independent auditor to examine the records of clients financial transaction in addition to client matter files of their practice, and each branch office of the practice, should there be more than one office.
The purpose of this audit is to ensure that all client monies are accounted for and that at no point during the financial year of the practice was any client at a financial loss.
The accountants report details any breach of law society regulations and also advise the law society if these breaches have being rectified. The accountants report is prepared once annually, report on each six month period with the year.
The reporting accountant submits the report directly to the law society and forwards a copy to the practising solicitor.
A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to have control over their own finances by making their own savings work for them. Every credit union is owned by the members — the people who save and borrow with it — People like you.
When you become a member and start saving with your credit union you will have access to fair and reasonable rates on savings and loans.
Visit www.creditunion.ie for more information.