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Liquidators

Qualification for appointment as liquidator under S633 of the Companies Act 2014

In Ireland a person may only be qualified to act as a liquidator of a company if they fall into specified categories of persons as described below and meet other legal requirements such as maintaining adequate indemnity against losses and claims that may arise and not having been an officer or employee of the company in the previous 24 months. The specific legislative requirements are set out in Sections 633, 634 and 635 of the Companies Act 2014. 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

IAASA’s role is in respect of the authorisation of category 5 liquidators is to authorise, suspend or withdraw a person’s authorisation.  Under Section 634(9)(b) such suspension or withdrawal may arise if IAASA is satisfied that the person is no longer sufficiently capable of acting as a liquidator or is no longer a fit and proper person to act as a liquidator.

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 ODCE’s functions are available here.

FAQs
Further information on aspects of IAASA's Liquidator remit can be obtained in the FAQ section.