Insolvency and Corporate recovery is a particular field of expertise for Gary Daly & Co. We have provided advice to small, medium and large firms in many different areas. Our dedicated team have a combined wealth of experience which is geared towards finding the best possible resolution for our clients.
We have been involved in many examinerships including the Thomas Read Group (bar, restaurant and property group), the examinership of Chartbusters Limited (video and DVD national retail chain); the examinership of Cork City football club and subsequent financial restructuring of the Club, Four Star Pizza Ltd, Muckross Park Hotel, Leopardstown Inn and many other corporate rescue applications. We have also been involved in many high profile winding up/liquidations cases including the Buy and Sell publication and the Ely property group.
We have provided advice to directors, shareholders, partnerships and limited companies in relation to restructuring and refinancing particularly those in distressed or insolvent situations. We advise directors in connection with managing insolvency risk, reducing the risk of personal liability and in respect of investigations by the Director of Corporate Enforcement.
An examinership is where the court places a company under its protection to enable a court appointed examiner investigate the company’s affairs and to devise a scheme of arrangement involving a possible part payment of its creditors enabling the company to continue its business if it has been deemed to have a reasonable prospect of survival by the Court.
We provide advice in all areas of insolvency relating to limited companies including creditor’s voluntary liquidations and court/official liquidations and have also provided legal advice to many excellent liquidators over the years.
It has been a sad fact of the recession that creditors (particularly banks) have chosen to enforce security by the appointment of a receiver over the assets of companies and of individuals. We have advised many clients in relation to receivership appointment including legal challenges often by way of injunction but also by way of negotiated settlement.
Due to the vitality of the market recently, most businesses have or will experience financial difficulties at some point or the other. Some manage to fight through this, however for the less fortunate, there are various options available to help manage matters in a more efficient manner. Our team is well equipped to deal with all types of restructures, irrespective of the value and complexities involved, advising both shareholders and directors of the impact the changes will have.
Our team will endeavour to develop a legal strategy to manage risk and arrange new sources of finance to save all or part of your business or assist with dissolving the business, if that is required. The corporate team has extensive links with insolvency practitioners, banks and relevant professionals who support us (and who we support) in providing pragmatic advice.
Obligations of Directors
A fiduciary relationship is a relationship of trust. This places a duty on directors to act within the best interests of the company, in good faith, and honestly. The duties can arise under contract, the constitution of the company and any shareholders’ agreement. The duties also arise under statute as the Companies Act 2014 sets out fiduciary duties which we explain.
We advise directors (and shareholders) in relation to the duties of directors and in relation to potential or actual disputes.
We have also represented directors when restriction proceedings have been brought in the courts by liquidators.
Our expert team can advise clients in relation to all aspects of the personal insolvency regime and in particular in relation to debt Settlement Arrangements and Personal Insolvency Arrangements. We also provide expert advice in relation to those clients who are considering a petition for bankruptcy or who have had a petition presented by a creditor and which they wish to resist.