The Companies Act 2014 (‘the 2014 Act’) came into force on 1 June 2015. The 2014 Act provides, at Sections 633 and 634, for the qualifications governing those who wish to act as company liquidator.
Section 633(1) of the 2014 Act provides for the qualifications necessary for those who wish to be appointed as liquidator. For the first time in Irish law, there are now minimum requirements for those wishing to act as liquidators in the context of corporate insolvency.
In summary, the categories of those individuals who will be entitled to act as company liquidators as set out in the 2014 Act are 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; and
Category 5: Persons with practical experience of the winding up of companies (prior to 01 June 2015) and knowledge of relevant law who are authorised by the Irish Auditing and Accounting Supervisory Authority (‘IAASA’) to act as a liquidator.
IAASA has published a consultation paper regarding receiving applications from and granting authorisation to persons with adequate relevant experience of the winding up of companies and knowledge of relevant law. The consultation paper can be accessed here.
During the consultation period, should an applicant wish to make a preliminary application under Category 5 of Section 633 of the Act, IAASA will accept such applications in the interim. Such applicants should complete the preliminary application form included and pay an interim application fee of €500 to IAASA . Such applicants will then be contacted after the consultation period to pay the balance of the final application fee and provide any further information required after the application process is finalised.