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Company in liquidation

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  • 04-05-2010 3:36pm
    #1
    mongod
    Closed Accounts Posts: 3 ✭


    Does anybody know how to check if a company is in or is going into liquidation. Am about to put deposit with a well-known company to repair my windows but a friend in the building trade tells me that they are going into liquidation - company denies the rumour. Would be really interested on investigating the financial health of this or any other company I am going to deal with as I doing a refurbishment project. Any advice? First post.:cool:


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    #2
    silverharp
    Registered Users Posts: 18,268 ✭✭✭✭silverharp


    I doubt it, they are probably a private company so they do not have to give out current information. Even if you could look at their last years accounts, they may have gotten into trouble recently. There are bound to be a lot of zombie companies out there so you are right to be cautious.
    If your friend knows any of their suppliers try giving them a call to see if they are up to date with their payments.

    see if they will go ahead without a deposit? otherwise maybe you could get your builder to order the windows direct from the factory, thats what ours did.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #3
    mongod
    Closed Accounts Posts: 3 ✭mongod


    I would not be able to read company accounts - would I just look at a Net Profit position or is that too simplistic. Do I go to the Companies Office to get accounts (for this and other businesses) and any idea of cost. I know of people who lost out lately when a kitchen business went bust and they had put money down. Some window companies are now looking for 50% deposit! up front Thanks for replying to my first post.:confused:


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    #4
    gandalf
    Registered Users Posts: 26,458 ✭✭✭✭gandalf


    You might be able to see if there are any judgements pending against them on http://www.insolvencyjournal.ie

    Beyond that if you trust your friend I would steer clear of them for the moment unless the work is urgent.


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    #5
    silverharp
    Registered Users Posts: 18,268 ✭✭✭✭silverharp


    mongod wrote: »
    I would not be able to read company accounts - would I just look at a Net Profit position or is that too simplistic. Do I go to the Companies Office to get accounts (for this and other businesses) and any idea of cost. I know of people who lost out lately when a kitchen business went bust and they had put money down. Some window companies are now looking for 50% deposit! up front Thanks for replying to my first post.:confused:


    I dont think its worth the effort trying to get their accounts, its all about cashflow and it can change in a heartbeat. it just needs their bank to cut their overdraft and they are gone. Its not a business I know well but I'd try to find a reputable small builder who can order from a UK factory. I can only imagine there are a lot of cowboys and its difficult to know who you are handing your money over to. Maybe look into any cover you might get if you paid by credit card?

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #6
    3DataModem
    Registered Users Posts: 3,994 ✭✭✭3DataModem


    Pay deposit with Credit Card.

    If they refuse and you are unsure of their stability, then go elsewhere.


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    #7
    kennyb3
    Registered Users Posts: 6,724 ✭✭✭kennyb3


    if they are a 'company' and not a 'business/sole trader' you can type in their name here (http://www.cro.ie/search/CompanySearch.aspx) for free and if they are in liquidation it will say it under the status. you can also pay a small fee to see their last abriged accounts.


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    #8
    mongod
    Closed Accounts Posts: 3 ✭mongod


    Thanks for all the help - went to insolvencyjournal.ie as suggested and found out quickly that this company is in examinership. Have since through a PM found an Irish company that I am happy with and am expecting my lovely sash windows shortly. (I know cant name them here)
    Many thanks it was a very useful exercise posting on this site.


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