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Restructuring and insolvency law covers the legal processes that apply when individuals, sole traders, partnerships or companies cannot meet their financial obligations. In Boyle, County Roscommon, people and businesses work with local solicitors, insolvency practitioners and financial advisors to manage debt, protect assets and, where possible, rescue viable businesses. The legal framework that governs these processes is national - centred in Dublin - but it applies to residents and companies in Boyle in the same way it applies across Ireland. Local practitioners can help you navigate court procedures, negotiations with creditors, and interactions with statutory bodies while taking account of local circumstances.
Insolvency and restructuring cases can be legally complex and have long-term financial and personal consequences. You may need a lawyer if you are facing any of the following situations:
- Threats of repossession or forced sale of assets, including the family home.
- A sheriff or secured creditor has started enforcement action against your business or personal assets.
- Your company is insolvent or struggling with sustained trading losses and you are considering examinership, liquidation or a creditors voluntary arrangement.
- You have been named as a director and face potential personal liability or allegations of wrongful trading or breach of duty.
- You are considering personal insolvency options such as a Personal Insolvency Arrangement, Debt Settlement Arrangement, Debt Relief Notice or bankruptcy/sequestration.
- You need to negotiate with multiple secured and unsecured creditors, or prepare a restructuring plan to keep a business operating.
- You require representation at court hearings, or professional advice on how enforcement and priority of creditors will affect you.
A lawyer with experience in insolvency and restructuring will protect your legal rights, explain options, prepare documentation, represent you in negotiations and in court, and coordinate with insolvency practitioners and financial advisors.
The principal law and statutory framework relevant to restructuring and insolvency in Ireland includes company law, personal insolvency law and enforcement law. Key processes you are likely to encounter include examinership, liquidation, receivership and personal insolvency procedures. Below is a concise summary of the most relevant elements.
- Examinership - This is a court-supervised rescue process for solvent or near-solvent companies that have a reasonable prospect of survival if given protection from creditors. An examiner is appointed to formulate a restructuring plan and creditors vote on proposals. The court can grant a moratorium to pause enforcement while the scheme is prepared and considered.
- Receivership - A secured creditor can appoint a receiver over charged assets under the terms of a security instrument. The receiver’s role is primarily to realise the charged assets to repay the security. Receivership is creditor-led and usually does not provide a general moratorium for the company.
- Liquidation - Liquidation involves winding-up a company and appointing a liquidator to realise assets and distribute proceeds to creditors. Liquidation can be voluntary or court-ordered. Liquidation is usually the end of the trading life of the company, unless a purchaser buys assets and continues operations.
- Personal Insolvency - For individuals and sole traders, there are formal statutory options. These typically include Personal Insolvency Arrangements, Debt Settlement Arrangements and Debt Relief Notices, as well as bankruptcy or sequestration. The Personal Insolvency Service and authorised Personal Insolvency Practitioners oversee these processes. Each option has eligibility rules, effects on creditors and consequences for your assets and credit record.
- Priority and secured creditors - Secured lenders generally have priority over unsecured creditors when realising charged assets. The order of priority and the rights of different creditor classes are important in restructuring proposals and liquidation distributions.
- Director duties and potential personal liability - Company directors must comply with statutory duties and can face claims if they continued to trade recklessly, breached fiduciary duties, or engaged in fraudulent or wrongful trading. Early legal advice is important to manage director risk and to consider possible defences.
- Courts and procedure - Corporate insolvency matters, including examinerships and certain bankruptcy proceedings, are usually heard in higher courts. Many procedural steps are governed by national court rules, and timeframes and filing requirements can be strict.
Local practitioners in Boyle will liaise with the relevant national bodies and courts, prepare pleadings and proposals, and represent clients throughout these statutory processes.
Examinership is a court-supervised rescue mechanism aimed at saving viable companies by giving them temporary protection and time to restructure. Receivership is usually initiated by a secured creditor to realise assets charged as security and repay the debt. Liquidation winds up a company and distributes its assets to creditors - voluntary liquidation is creditor-led or director-led, while court-ordered liquidation is imposed by the court. The choice between these routes depends on the companys financial position, creditor structure and prospects for rescue.
Stopping repossession depends on the stage of enforcement and the type of creditor action. Early engagement with your lender or creditor is essential. A lawyer can advise on whether you qualify for personal insolvency procedures, whether an application to court can delay enforcement, or whether you can reach an agreement to restructure arrears. If a lender has not obtained a court order, negotiation may be an option. If a court order has been made, a lawyer can advise on limited remedies and possible appeals.
Individuals and sole traders may be able to use statutory personal insolvency options administered nationally. These include structured settlement arrangements such as Personal Insolvency Arrangements and Debt Settlement Arrangements, as well as Debt Relief Notices for very low income and low asset situations, and bankruptcy/sequestration. Eligibility rules, procedures and consequences differ for each option. A Personal Insolvency Practitioner or solicitor can assess which option may be appropriate.
The outcome for the family home depends on the specific insolvency route, the level of mortgage arrears, and the terms a lender agrees to. Some arrangements may allow you to keep your home if you can meet a revised repayment plan or if the mortgage is restructured. In other cases, sale or transfer of the property may be required to satisfy creditors. Legal advice is essential to understand the likely outcome in your circumstances and to explore possibilities to protect the family home.
Bankruptcy or sequestration is a formal insolvency process that can lead to the realisation of your assets to repay creditors and can affect your credit record and ability to obtain finance. It may impose restrictions on certain professional roles or public offices. There are also time-limited restrictions and possible discharge provisions depending on circumstances. A solicitor will explain the immediate and long-term consequences and whether alternatives may be preferable.
Directors can face personal liability in specific situations, such as wrongful or fraudulent trading, breaches of fiduciary duty, or where they have given personal guarantees for company borrowings. Insolvency practitioners and creditors may pursue directors for preference or misfeasance in certain circumstances. Early legal advice helps directors manage conduct, document decisions and reduce the risk of personal liability.
Timeframes vary significantly by process and case complexity. Personal insolvency arrangements may take several months to negotiate and implement. Examinerships involve a court-supervised period during which a scheme must be prepared and voted on. Liquidations and receiverships can also vary from months to longer depending on asset realisations and creditor disputes. Your lawyer and insolvency practitioner will provide an estimate based on the specifics of your case.
Costs depend on the complexity of the matter, the type of procedure, and the experience of the lawyer or insolvency practitioner. Simple negotiations or advice will cost less than court hearings or contested insolvency proceedings. Solicitors typically provide an initial consultation and a cost estimate. In many insolvency processes, certain costs may be paid from company assets or subject to approval by creditors or the court. Ask for a clear fee estimate and information on how costs are billed before you instruct a lawyer.
Look for solicitors with specific experience in insolvency and restructuring, or authorised Personal Insolvency Practitioners for personal insolvency matters. Professional bodies, local legal directories and referrals from accountants or community organisations can help. When choosing, check experience with cases like yours, ask about success rates, request references or client testimonials, and confirm fee arrangements. Local knowledge of County Roscommon practice and nearby court contacts can be an advantage.
Yes, you can try to negotiate directly with creditors to agree a repayment plan or settlement. Informal arrangements can succeed, especially where creditors prefer repayment rather than a formal insolvency process. However, informal agreements lack the legal protection of a statutory moratorium and can be rescinded by creditors. A lawyer can draft proposals, communicate with creditors, and advise whether a formal statutory solution may be more appropriate to protect you from enforcement during negotiations.
There are several national bodies and organisations whose publications and services are valuable for anyone dealing with insolvency and restructuring in Boyle:
- Personal Insolvency Service - administers personal insolvency processes and offers guidance on the options available to individuals.
- Insolvency Service of Ireland - handles corporate insolvency matters and maintains guidance on liquidations, examinerships and insolvency legislation.
- Companies Registration Office - maintains company records and filings which can be important in insolvency matters.
- Office of the Director of Corporate Enforcement - oversees compliance with company law and investigates certain director conduct.
- Law Society of Ireland - regulates solicitors and can help you confirm qualifications and complaints procedures.
- Insolvency practitioners associations and professional bodies - these trade bodies can help locate qualified insolvency practitioners and provide practice guidance.
- Citizens Information and local community organisations - for general information, welfare entitlements and local supports.
If you are facing financial difficulty or potential insolvency, take these practical steps to protect your position and prepare for legal advice:
- Gather financial documents - collect bank statements, loan and mortgage agreements, recent creditor correspondence, tax filings, payroll records and company accounts if applicable.
- Make a clear list of debts and monthly cash flow - note secured versus unsecured debts, creditor contact details and any enforcement action already underway.
- Contact a solicitor or authorised insolvency practitioner - request an initial consultation to discuss options. Be transparent about your financial position so you get tailored advice.
- Act quickly - early legal and financial advice increases the options available and can prevent irreversible enforcement steps.
- Keep detailed records - document communications with creditors and any agreements. Written records help your solicitor evaluate and present your case effectively.
- Consider immediate protective steps - your lawyer may advise on actions to pause enforcement, apply for a statutory process or negotiate interim agreements with creditors.
Insolvency and restructuring are challenging, but with prompt, specialist advice you can often achieve a better outcome than by delaying. Local Boyle solicitors and authorised insolvency practitioners can guide you through the process and represent your interests at every stage.
