In summary, those who may currently qualify for appointment as a liquidator in Ireland are:

• a member of a prescribed accountancy body holding a current practising certificate issued by that accountancy body. Contact details for all eight prescribed accountancy bodies are available here .
• a solicitor holding a current practising certificate issued by the Law Society of Ireland. The law society website link is available here.
• a person who is a member of a professional body which IAASA may recognise for the purpose of liquidator activities (there is no body recognised for this purpose).
• a person entitled under the laws of an EEA state to act as a liquidator in insolvency proceedings.
• a person with practical experience of windings-up and knowledge of relevant law who stands authorised for the time being by IAASA to be so appointed. These are known as Category 5 liquidators. A list of persons approved under category 5 is available here.

The closing date for receipt of applications under Category 5 was 1 December 2017 and this category is now closed.

In accordance with the 2014 Act, IAASA has made Regulations setting professional Indemnity cover requirements for liquidators required by Section 634 of the 2014 Act. Statutory Instrument 127 of 2016 Companies Act 2014 (Professional Indemnity Insurance)(Liquidators) Regulations 2016 came into effect on 1 June 2016.

In summary, the professional indemnity insurance shall provide a limit of liability for each and every claim of not less than €1,500,000 and provide cover for defence costs. This insurance shall be at a level which is commensurate with the value and nature of the work undertaken by the insured. There is also a requirement for run-off cover.

It is a matter for individuals currently acting as liquidators to seek their own advice to ensure that they are in compliance with all legal and professional requirements in relation to their acting as liquidator in any particular case.

The Office of the Director of Corporate Enforcement (ODCE) supervises liquidators in the proper discharge of their duties. Complaints in respect of the performance of liquidators should be directed to the ODCE. Further details on the ODCE’s functions in this regard are available here.

Yes, IAASA will write to persons authorised under category 5 when renewal is required. Renewal will be required not more frequently than annually.

You may withdraw your authorisation by sending a request in writing to [email protected].