Liquidation and insolvency — the harsh reality

Thu, Jan 29, 2009

Q. My wife and I are owners and directors of a trading company. The company has been badly hit by current economic conditions and we do not envisage our trade recovering. The company’s balance sheet position has deteriorated rapidly and assets only slightly exceed liabilities. Our main asset is the premises from which the company trades but which is owned by us personally. This is subject to a large mortgage which we are struggling to pay and we are currently in default. If we continue trading it is unlikely that we will be able to meet our liabilities. I was told that our creditors or the bank could liquidate the company. Is this true? If so what are our options and what does the liquidator do?

A. I strongly recommend that you seek professional advice before taking any course of action. I have summarised the major issues you should be aware of. More detailed information is available on the ODCE website www.odce.ie. In particular Information Book 7 examines this whole area.

Boost for Irish tourism as 72 per cent won't holiday abroad this year

Thu, Jan 29, 2009

Irish tourism could be set for a surprise boost this year with the revelation in a survey that, as the recession bites and workers fear for their jobs, 72 per cent will not be taking a holiday abroad this year.

Ireland’s first Irish Surf and Sail brand made in Galway

Thu, Jan 29, 2009

When you hear of Ganze, you think of Aran sweaters and geansais — but not any more. UCD student Amy McDonagh is pictured launching Ireland’s first Irish Surf and Sail brand made in Galway and ready for the seasons surf and sail adventures in 2009. Ireland is now the fastest growing destination on the world surfing circuit.

Hundreds of new jobs created in Galway Gaeltacht, say Údarás

Thu, Jan 29, 2009

More than 500 new fulltime jobs were created in the Galway Gaeltacht and 250 more were approved, it was revealed this week in the annual report of Údarás na Gaeltachta.

However, the agency has warned that companies in the Gaeltacht region face a challenging time in the months and years ahead, due to the international economic conditions.

Time to move up the CAD ladder with Amicus

Thu, Jan 29, 2009

During the boom years of the Celtic Tiger, architects, engineers, and anyone involved in design and construction were so busy that there wasn’t time to think. Although that frenetic activity has stopped, it is not all doom and gloom, as one benefit is that there is now time to look at the efficiency of the process and in particular, the role of design software.

So not only is 2009 an opportunity to make better use of the extensive functionality of your AutoCAD products, it is also the ideal time to move to the next stage of the process – Building Information modelling (or BIM). Twenty-five years after the introduction of computer-aided design (CAD) to the PC, most people are still only using their high-powered computers as electronic drawing boards.

Anglo shareholder compo to be determined by assessor

Thu, Jan 22, 2009

The passing of laws to nationalise Anglo Irish Bank this week revealed some more details on how and when compensation for Anglo Irish shareholders, whose equity has been wiped out, will be determined.

Hoteliers condemn ESB wage increases

Thu, Jan 22, 2009

Galway hoteliers have condemned as outrageous the decision by the board of the ESB to pay the 3.5 per cent wage increase under Towards 2016 (the first phase of the transition agreement).

The Galway branch of the Irish Hotels Federation questions whether the board of the ESB has fully grasped the perilous condition of the Irish economy and calls on the Commission on Energy Regulation (CER) to intervene immediately and instruct the board to reverse its decision and to disallow wage increases in the calculation energy tariffs.

Hoteliers condemn ESB wage increases

Thu, Jan 22, 2009

Galway hoteliers have condemned as outrageous the decision by the board of the ESB to pay the 3.5 per cent wage increase under Towards 2016 (the first phase of the transition agreement).

Fee freeze from the people who make sure you get a litre of fuel and a kilo of meat

Thu, Jan 22, 2009

The Chief Executive of the National Standards Authority of Ireland (NSAI), Maurice Buckley has said local companies gaining internationally recognised certifications for their goods and services is a key weapon in protecting jobs in the west and midlands.

Galway Executive Skillnet serves up full menu of training and mentoring

Thu, Jan 22, 2009

Galway’s premier subsidised training company, Galway Executive Skillnet (GES), promises a fine 2009 for Galway companies with a full menu of training courses and mentoring programmes to grow businesses.

All training courses are subsidised by a minimum of 60 per cent, guaranteeing more ‘bang for your buck’ than ever before. Courses are open to both self-employed and organisational employees within companies of up to 250 employees.

Recession or progression? – Blueprint Coaching creates ten-week course

Thu, Jan 22, 2009

Blueprint Coaching have created a 10-week course to help people to stay positive and focused in the current economic climate. With the rise in unemployment, and all the doom and gloom it is important to keep some perspective and not to allow all the negativity around distract from your goals and targets.

BPW Galway to welcome new members at launch of ‘09

Thu, Jan 22, 2009

BPW Galway (Galway and District Business and Professional Women’s Club) will see its new programme of events for 2009 launched by incoming president Johanna Downes in The Ardilaun hotel on Wednesday next January 28.

So, you wanna get paid?

Thu, Jan 22, 2009

A seminar on cash collection for small and medium sized businesses will he held in Ballybane Enterprise Centre on Tuesday next January 27.

La Maison Chic showroom contents for sale

Thu, Jan 15, 2009

Interior design specialist La Maison Chic will hold a one day only refurbishment sale of exclusive and one-off pieces from the company’s showroom next month.

Irish bank staff are world's most worried, survey finds

Thu, Jan 15, 2009

Irish finance professionals are the most concerned about the current economic crisis and the future of their own jobs in a survey of 14 countries, a new report shows.

Christmas was not the turkey we expected say restaurateurs

Thu, Jan 15, 2009

Despite fears to the contrary, the Christmas period turned out better than hoped for by restaurateurs around the country, according to a survey of Irish catering establishments.

A survey carried out by Hospitality Ireland magazine showed that almost half of restaurants around the country described their business over Christmas as “good”, and “better than expected”. Forty-eight per cent of restaurants said their Christmas period had been good, with 31 per cent saying it was average. Only 15 per cent reported that it had been poor and seven per cent terrible.

Economist becomes new head of JCI Galway

Thu, Jan 15, 2009

Appropriately enough, the new president for Junior Chamber International (JCI) Galway is Brenda Gannon, an economist working at NUI Galway.

Bruton to address Galway’s business community

Thu, Jan 15, 2009

Galway’s business leaders have been invited to attend a business lunch and talk next week by Deputy Richard Bruton, TD, deputy leader Fine Gael and finance spokesperson.

Dep Bruton will address the business community on Wednesday January 21 in the Hotel Meyrick and will address the topic Coping with the Economic Crisis — creating a smarter state, the agenda of reform, and new challenges.

Today is the last day to enter the Gradam awards

Thu, Jan 15, 2009

Nominations for the Gradam Sheosaimh Uí Ógartaigh are accepted until 5.30p.m this evening (January 15.

Is there an amnesty for stamp duty?

Thu, Jan 15, 2009

Question
I have a document on a property transfer that should have been sent for stamping about 18 months ago but for various reasons, it was never stamped. I understand that there is some form of amnesty for stamp duty. Is this correct?

I have a document on a property transfer that should have been sent for stamping about 18 months ago but for various reasons, it was never stamped. I understand that there is some form of amnesty for stamp duty. Is this correct?

E-paper

Read this weeks E-paper. Past editions also available from within this weeks digital copy.