In Galway, as in other parts of Ireland, businesses occasionally face financial difficulties that they cannot overcome. In these cases, the role of a liquidator becomes crucial. A liquidator is a professional appointed to oversee the winding-up process of a business, which includes selling off its assets, paying off creditors, and ensuring compliance with legal requirements. This process is known as liquidation, and it can be either voluntary or compulsory, depending on the circumstances of the business.Liquidation is the legal process by which a company’s assets are sold off to pay its debts. When a company is insolvent—meaning it cannot pay its debts as they come due—it may be liquidated either voluntarily by its directors or through a court order.