Yes. Under the 2014 Act, there are certain qualifications necessary for a person to be qualified for appointment as a liquidator of a company. There are five categories of individuals who are qualified for appointment as company liquidators as set out in the 2014 Act as follows:-

• Category 1: members of a prescribed accountancy body (“PAB”) holding a practising certificate;
• Category 2:  solicitors holding a practising certificate;
• Category 3:  members of other professional bodies recognised by IAASA (currently none);
• Category 4:  persons qualified under the laws of another EEA State to act as a liquidator in insolvency proceedings; and
• Category 5:  persons with practical experience of windings-up and knowledge of relevant law who have applied to IAASA for authorisation to act as a liquidator. [emphasis added]

The new requirements do not prevent a person from continuing to act as a liquidator in a winding up in relation to which he or she was appointed liquidator before 1 June 2015.

1. Category 2 – Practising Solicitor

The person is a solicitor, being a solicitor who –

• holds a current practising certificate issued by the Law Society of Ireland under the Solicitors Acts 1954 to 2002; and
• is not prohibited by virtue of regulations made by the Law Society of Ireland, or a decision or order made by the Solicitors Disciplinary Tribunal or the High Court, under those Acts from acting as a liquidator.

1. Category 3 – Members of other professional bodies recognised by IAASA

The person is a member of such professional body as the IAASA may from time to time recognise, being a person who –

• is authorised for the time being by that professional body to pursue the particular activities that body aims to promote or foster or as respects the pursuit of which by its members that body has been represent; and
• is not prohibited by virtue of rules of that body or a direction, ruling or decision of that body, or any disciplinary or professional practice committee of it, from acting as a liquidator.

At present, there are no such professional bodies recognised by IAASA.

1. Category 4 – Person qualified under the laws of other EEA State

The person is entitled under the laws of an EEA state, (other than Ireland), to act as a liquidator in insolvency proceedings and the qualifications held by, or the circumstances

otherwise relating to the person, that entitle him or her so to act are ones that by virtue of any Community act, entitle him or her to act as a liquidator in Ireland.

1. Category 5 – Persons with practical experience of windings up and knowledge or relevant law

            IAASA may authorise persons to be qualified to act as liquidators where the person has —

1. made application in that behalf to IAASA in the prescribed form within 2 years following 1 June, 2015; and
2. paid the prescribed fee to the Supervisory Authority.

IAASA may grant such authorisation where the following grounds are satisfied—

1. the person has, prior to 1 June, 2015, obtained adequate relevant experience of the winding up of companies and knowledge of the law applicable thereto by virtue of the person’s either—
   1. having been—
      1. employed in relevant work by a person who at the relevant time fell (or, if this section had been in operation at that time, who would have fallen) within category 1, 2 or 3 above; or
      2. engaged on his or her own account in relevant work; or
   2. having practised in an EEA state (other than Ireland) as a liquidator;
2. the person is, in the opinion of IAASA, after consultation with the Director of Corporate Enforcement, a fit and proper person to act as a liquidator; and the person does not fall within category 1, 2, 3 or 4 above.

You must make an application to IAASA within 2 years after the commencement of section 634 of the 2014 Act (01 June 2015) and pay the prescribed fee. The application will then be considered in accordance with the requirements of the 2014 Act. After this consideration, applicants will be contacted to inform them of the rejection or acceptance of their application.

No, you cannot accept any new appointments to act as a liquidator until you have made a valid application to IAASA.

IAASA is currently engaged in a consultation process regarding the receiving from and granting applications to persons seeking authorisation to act as liquidators (link to consultation paper).  During the consultation period, should an applicant wish to make an application under Category 5 of Section 633 of the Act, IAASA will accept such applications. 

Such applicants should complete the preliminary application form (link to form) and pay an interim application fee of €500 to IAASA. Applications will be acknowledged and accepted after an initial review for completeness. The application will then be considered in accordance with the requirements of the 2014 Act. After this consideration, applicants will be contacted to inform them of the rejection or acceptance of their application.

Applicants will be contacted by IAASA following the conclusion of the consultation period and after the application process is finalised, should they be required to pay any balance of the final application fee and provide any further information.

A fee may be charged by IAASA under the 2014 Act for receipt of any applications. IAASA is currently engaged in a consultation process regarding the receiving from and granting applications to persons seeking authorisation to act as liquidators (link to consultation paper), including in relation to the application and renewal fees.

An interim application fee of €500 has been set to allow individuals to apply for authorisation to IAASA during the consultation period.

Section 634 of the 2014 Act provides that a person shall not be qualified for appointment as a liquidator of a company unless there is in place in relation to the person an indemnity, in such amount and on such terms as may be determined by IAASA, against civil liability losses and claims incurred by the person or his or her servants or agents in the conduct of the winding up of the company concerned.

IAASA is currently engaged in consideration of the amount and terms of indemnity to be determined in this regard.  A public consultation process may be conducted in this regard in due course. 

In accordance with the Companies Act 2014 IAASA has made Regulations setting Professional Indemnity cover requirements for liquidators required by Section 634 of the 2014 Act. 

The Statutory Instrument (S.I.127 of 2016), which comes into effect on 1 June 2016, can be accessed here:

• Statutory Instrument 127 of 2016 Companies Act 2014 (Professional Indemnity Insurance)
  (Liquidators) Regulations 2016

It is a matter for individuals currently acting as liquidators to seek their own legal 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.