Companies Act 2014 section 586

Resolution for and commencement of creditors' voluntary winding up

Section 586 sets out the procedures for commencing a creditors' voluntary winding up, including how the process is initiated, the circumstances that trigger it, and the notification requirements that must be followed.

• A company may initiate a creditors' voluntary winding up by passing a resolution at a general meeting declaring it cannot continue business due to its liabilities.
• A creditors' voluntary winding up is also triggered where a creditors' meeting is held under section 584, the court orders it under section 582(2), or the required directors' declaration of solvency was not properly made.
• Once the resolution to wind up is passed, the company must advertise it in the Iris Oifigiúil within 14 days.
• Failure to publish the notice is a category 3 offence for the company and any defaulting officer, and for this purpose the liquidator is treated as an officer of the company.