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.