The Sunday Business Post December 21, 2014 8 Small business Money Plus Out on your own

David Van Dessel, partner, Deloitte's Restructuring Services division Thumbnail guide to insolvency Helen Arnold, owner, TVM by David Van Dessel companied by a certificate of Q) What happens if the Picture: Clare Keogh legalisation called an apostile. company wants to reverse nsolvency practitioners This confirms the capacity in the members’ voluntary have been busier than which the person signing the liquidation? ever in the last few years. document has acted and that A) A company that is dissolved More corporate appoint- the signature, seal or stamp can be restored to its original ments have occurred in of the person which the doc- status within two years of the Ithe last four years, for exam- ument bears are certified. The dissolution (section 310 CA ple, than in the 12 years pri- apostile can be obtained from 1963). The liquidator, or any or to 2009. the designated authority for interested party, will need to Probably the most striking that jurisdiction. A listing of make an application to the increase in appointments has countries that are party to the High Court to have the reso- been in the area of personal Hague Convention abolish- lution of winding up annulled. Irish firm runs Europe’s asset receiverships. While the ing the Requirement of Le- The liquidator, or the in- exact numbers are not pub- galisation for Foreign Public terested party, in their court licly available, it is likely that Documents can be obtained application must justify their personal asset and personal from the Hague Convention grounds for restoring the com- residential investment prop- website, www.hcch.net. pany and demonstrate why largest mobile TV studio erty appointments have been No legalisation is required restoration will be beneficial the most common insolvency for a declaration of solvency to the company. by Elaine O’Regan appointments of the last four sworn in countries that are A simple change of mind, company recently secured a other end of the world, where- colour camera.” “There were people who years. At a time of declining party to the EC Convention perhaps due to a change in m a j o r three-year contract, valued at as we don’t consider getting After marrying in 1984, the were training up-and-coming corporate insolvency num- abolishing the legalisation of circumstances or change in con- €1 million annually, to provide over there a big challenge. Arnolds took the business to staff out of RTÉ looking for a bers, this type of appointment documents in member states opinion on tax treatment, may tract to OB services to RTÉ. “You drive to Belfast, get a the next stage, kitting out their career change or maybe retir- appears to be increasing as of the European Communi- not be sufficient to convince provide All of this is welcome news short ferry across and you’re first OB van so they could ing and a lot of them came into property values recover. ties of May 25, 1987. How- the court of the benefits. Be- remote for Helen Arnold, who has there. There are also a lot of more efficiently record rac- our crews in the early days, so Although times have im- ever, only Belgium, France, fore the resolution is passed, broad- built a successful company similarities with the terrain ing events around the country. we were coming in with ex- proved, personal debt issues Denmark, Italy and Ireland are the directors and shareholders casting with her husband over the in Scotland. “There really wasn’t an in- perienced people and, slowly, still continue to bring uncer- party to the EC Convention. should ensure that this is the services years, complementing his “If you’re used to working dependent television outside we were accepted.” tainty to Ireland’s banks and appropriate course of action. to US television network technical know-how with out of London all the time broadcasting industry at that TVM now employs 50 peo- the wider economy. It remains Q) What happens when The person on whose appli- ANBC, at the Winter Olympics her canny head for business. and travelling on motorways, time. The only people who ple full-time and has twice as difficult to see how and when the company availing cation the order was made in Russia earlier this year, On foot of the Winter Scotland’s like another planet, had proper OB units were the many contractors on its books. the residual financial difficul- of members’ voluntary must file an official copy of marked an important turning Olympics contract, NBC has whereas Scotland is actual- broadcasters like BBC, UTV “Our 50 core people are ties arising from the days of the liquidation cannot pay its the order with the CRO within point for Cork company TVM. requested TVM’s outside ly very like Ireland. We feel and RTÉ,” said Arnold. based out of Bartlemy,” said Celtic Tiger will finally come debts in full? 14 days after making the order, The 50-strong firm, led by broadcasting services for the that we fit in very well there, “When we built our OB Arnold, who topped the wom- to an end. Insolvency levels A) Upon appointment, a or within such further time as husband-and-wife team Bart Rio Olympics in 2016, and culturally and in terms of our truck in 1986, we didn’t have an-led business category at remain high, the outcome of liquidator will review the the court will allow. If a com- and Helen Arnold, is now eye- Arnold is busy seeking out approach to work,” she said. a market for it, but we felt that the recent Ulster Bank Busi- new legislation remains un- declaration of solvency and pany is still in liquidation, a ing other potentially lucra- other opportunities beyond It is this pioneering ap- the opening would come, so ness Achiever Awards. clear and we have begun life advertise for creditors’ claims. liquidator or interested party tive contracts overseas, hav- Ireland’s modest shores. proach to business that gave we were trying to push the “We’ve built at the end of again outside of the EU and If a company cannot pay its on behalf of the company that ing built the biggest outside “We have a very small tele- the Arnolds their start in busi- door to be first in line when the farm where my husband IMF bailout mechanisms. debts, then the liquidator will is in liquidation can petition a broadcasting (OB) truck in vision industry here, so we ness in the late 1970s. it did.” was reared, so we haven’t To help you get your head have to hold a creditors’ meet- court to defer the date at which Europe at a cost of €5 million. feel that we need to move “As a youngster, my hus- The Arnolds worked directly stirred far from home and it’s around the process, here is a ing and place the company the dissolution of the company OB8 is one of seven trucks more into other markets out- band always had a small PA with racecourses around the very important to us that we list of some of the most fre- into creditors’ voluntary liqui- is to take effect for such time in TVM’s outside broadcast- side Ireland,” she said. system going around with him country, initially, broadcast- stay here. quently asked questions about dation. The liquidator will also as the court thinks fit. ing fleet, which operate out “Our initial contact with and, in 1977, he got the op- ing up to 100 race meetings a “While people might think insolvency: have to investigate and report The person on whose ap- of the company’s country NBC came about as a result of a portunity to start working on year, and eventually struck a that you have to be in Dublin to the Director of Corporate plication an order of the court hideaway headquarters in the strategic alliance we have with the racecourses,” said Arnold. deal with Satellite Information to be a part of this kind of in- Q) Who is responsible for Enforcement on the decla- is made must file an official north Cork village of Bartlemy, a company in the UK called “He covered the racecours- Systems (SIS), which supplied dustry, there really is nothing preparing the declaration of ration of solvency sworn by copy of the order for registra- travelling around Ireland and Visions, which is US-owned. es in the southern half of Ire- video footage of horse-racing we don’t have where we are. solvency? the directors and the direc- tion with the CRO. beyond to broadcast events for “It’s one of a few strategic land, providing public address events to betting shops. “It might be a little more A) The directors are respon- tors may become liable for the television. alliances we have with op- services. As soon as he got in “We provided the facilities, expensive on some levels - sible. It is the responsibility deficit in the company. Q) Does the phrase ‘in volun- Worth between €1.5 million erators over there, where we there, he was looking to see the racecourse provided the for example, we’re never go- of the directors to ensure that tary liquidation’ mean that all and €5 million each, their OB come in on a non-competi- ‘what are they doing in En- racing and SIS made a contri- ing to get fibre broadband in the statement of assets and Q) How long does a creditors will be paid in full? trucks are mobile televison tive basis when they need to gland?’ bution to all parties for racing Bartlemy - we’re seven miles liabilities is true and accurate. members’ voluntary A) In the context of a mem- studios, kitted out with all the outsource”. “They had cameras in En- events to be broadcast out of from the nearest town - so we In certain circumstances, the liquidation last for? bers’ voluntary liquidation, all camera, audio, editing, and While the OB market in gland so he got a black-and- Ireland into the betting shops use a satellite company for our directors may be deemed per- A) The length of the process admitted creditors will be paid graphics equipment needed to the rest of Britain is fairly white camera in 1978. That in Ireland, but mostly in the connectivity. sonally liable for the obliga- depends on the matters to be in full. However, the phrase produce a programme on-site. well-serviced, Arnold sees meant that, in the bar by the UK,” said Arnold. “On the other hand, we’re tions of the company. dealt with in the liquidation. ‘in voluntary liquidation’ is OB8 also netted TVM a con- an immediate opportunity racecourse, you could watch “As people in the broad- only ten minutes from the Members’ voluntary liquida- also used to describe credi- tract with Japan’s TV Asahi to for TVM in Scotland. the racing on a couple of TVs, casting industry saw what we motorway and, once you miss Q) When is a declaration tion can be completed with- tors’ voluntary liquidations broadcast the British Open “For some reason, OB com- but racing didn’t look great in were doing in racing, they re- the M8, you’re wherever you of solvency considered in three months, provided all where, due to the company’s golf tournament earlier this panies based in London seem black-and-white so, within alised what we could achieve need to be in the country very ineffective? clearances have been sought insolvency, creditors are un- year and, closer to home, the to think that Scotland is the a year, he had invested in a as an independent company. easily”. A) If the declaration of sol- and the liquidator is satisfied likely to be paid in full. vency is not made and deliv- that all claims have been met. ered to the CRO in accordance David Van Dessel, a partner in with section 256 CA1963 as Q) Do the directors retain their Deloitte’s Restructuring Services substituted by section 128 powers after the appointment division, is the author of A Prac- of the Companies Act 1990 of a liquidator? tical Guide to Insolvency (2nd Opensky goes overseas (CA 1990). If the declaration A) All of the directors’ pow- edition). Published by Chartered of solvency has a technical ers cease, unless the members Accountants Ireland, it is available Support System (PASS) for lationships from Ireland while error; for example, the name in a general meeting or the in bookshops nationwide and on- by Elaine O’Regan Dublin City Council, and will also providing onsite project and address of each director liquidator give permission to line at www.charteredaccountants. shortly roll out a mobile in- management for clients.” stated on the declaration must the directors to retain some of ie/shop/books (Price: €50, ISBN: aking the plunge ventory stock management Cronin’s plans for the com- match the contact details held their power. 978-1-908199-98-0) and learning to sell system, developed a few years pany from here include diver- by the CRO for each director, overseas is paying ago for the Lloyds Pharmacy sification into more sectors in otherwise the declaration will off for Kildare- chain in Britain, to the chem- the French market over the be returned. It may be neces- based managed ist’s Irish branches. next two years, and further sary to file a Form B10 (Notice Tsoftware firm Opensky Data Opensky began expanding expansion into the European of Change in Directors or Sec- Movers &Shakers Systems, which was named outside Ireland five years ago, healthcare sector. retaries or in their Particulars) High Potential Exporter of the and sold initially to Britain’s Based on his own ex- prior to filing the declaration. Michael Page Year at last month’s Irish Ex- waste disposal sector, after se- perience, he has this ad- Brought to you by Michael Page International Recruitment port Industry Awards. curing a contract to develop a vice for other Irish com- Q) What are the consequences As co-founder and chief ex- waste data management sys- panies keen to establish if a declaration of solvency is ecutive Michael Cronin sees it, tem for Lincolnshire County or increase overseas sales: considered ineffective? the company’s export poten- Council. A) The resolution to wind up tial lies in its ability to adapt to “At that point, we had de- William Flanagan and Micheal Cronin, co-founders, Opensky nCommit to fully research- the company will remain valid the specific data management veloped a range of bespoke ing, analysing and assess- and the winding up becomes needs of different sectors, in- applications for various cli- “Waste become a valuable Britain five years ago, Open- ing the market potential a creditors’ voluntary wind- cluding healthcare, transport ents in Ireland, but not within resource like never before, sky had 20 staff. The company nKnow what you want out of ing up. Section 266 CA 1963 and waste. specific sectors,” said Cronin. so much so that it needs to now employs 70 people at its the market you want to export to then applies. The liquidator “Our five-year vision is In the years since, the Open- be managed by government headquarters in Naas, and an nWork backwards to achieve it will be obliged to report to the to become one of the most sky offering has evolved in re- authorities in order to realise overseas office in Gliwice in nLead with innovation new liquidator if so appointed. successful indigenous Irish sponse to the specific needs its inherent value,” he said. Poland. nFollow through with ex- In either case, the liquidator n Westboro Partners has n Mark Doyle is Firebird software firms to compete of a core group of data-de- “Transport authorities too The company had adopted pertise and service quality must report to the Office of the appointed a new partner. Heating Solutions’ new in Europe,” said Cronin, who pendent industries – namely, have amassed huge amounts different strategies to gain a nManage with tight controls Director of Corporate Enforce- Annemarie Quin has been general manager. Doyle joins co-founded Opensky in 2004 healthcare, waste, transport of data that require careful viable foothold in individual on costs ment pursuant to section 56 of manager of Westboro’s from Cognex Ireland, where with the company’s chief and the public sector. analysis and management.” markets, Cronin said. nNever underestimate what the Company Law Enforce- Business Advisory Services he was director for eight technology officer William “We operate in areas of huge “We have developed soft- It established its own over- a challenge language can be ment Act 2001 (CLEA 2001). for the past seven years. years. He was also formerly Flanagan. potential when it comes to ware for just about anything seas office in Gliwice, for -ex nLeave more time than you She joined the company five director of Transistor Opensky sells managed investing in software,” said you can think of – from gen- ample, with on-the-ground think you will need for trans- Q) What is required if a years before that as a trainee Devices for seven years. software services, including Cronin. erating huge waste reports for support from Enterprise Ire- lation declaration of solvency accountant. software design, development “European governments compliance reporting in the land. nFind a solid industry-spe- is made outside the Irish and support, to big companies need, and demand, exten- UK, to tracking trainee doc- “In France, we partnered cific and reliable translation jurisdiction? Looking for the top talent? Ready for your next and government bodies. Cli- sive reforms in how health tors throughout their hospital with a complimentary waste partner A) A declaration of solvency opportunity? With 156 offices across 34 countries we n ents include Ireland’s National services are delivered across placements to monitoring the software company with prov- Always get face-to-face time sworn in a foreign jurisdic- have an unrivalled network of talented professionals Transport Authority and Essex Europe in a bid to reduce costs, stock of lipstick on the shelves en case studies in delivering with a prospective customer tion that is party to the Hague and world-class job opportunities. Get in touch with County Council in Britain. increase quality and account- in your local pharmacy,” said waste software to French pub- nMake sure they understand Convention before a person The company has developed ability and decentralise health Cronin. lic authorities,” said Cronin. that you are only ever a flight entitled to administer oaths for our Dublin office now to find out how we can help you. a Pathway Accommodation services. When it started to sell to “In the UK, we maintain re- away. that jurisdiction must be ac- Tel:+(353) 01 653 9800 www.michaelpage.ie