Professional Company Liquidators inBelfas for Your Business

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They collect and sell assets, settle creditor claims, and distribute any remaining funds to shareholders. They also investigate the directors' conduct and ensure that the liquidation process follows legal requirements.

The cost varies depending on the complexity of the case and the size of the company. Typically, fees are based on time spent or a percentage of asset realisations. Some liquidators offer a fixed fee for straightforward cases. It is important to obtain a clear quote before proceeding.

To enter creditors' voluntary liquidation, the company must be insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and the shareholders must approve it. A licensed insolvency practitioner must be appointed to act as liquidator.

The duration depends on the complexity of the case. A simple liquidation with few assets and creditors might be completed in six to nine months. More complex cases involving legal disputes or asset realisation can take longer. Your liquidator will provide an estimated timeline at the start.

You can continue trading until the liquidation is formally approved, but you must act in the best interests of creditors. Trading while insolvent and increasing debts can lead to personal liability. It is advisable to seek professional advice immediately if you are in financial difficulty.

Alternatives include a company voluntary arrangement, which allows you to repay debts over time, or administration, which may rescue the business as a going concern. You might also consider a formal restructuring or negotiating directly with creditors. A licensed practitioner can explain which option suits your circumstances.

Employees are made redundant when the company ceases trading. They may be entitled to claim redundancy pay, notice pay, and holiday pay from the National Insurance Fund. The liquidator will provide them with the necessary forms and guidance on how to make a claim.

Generally, directors are not personally liable for company debts if they have acted properly and within the law. However, if you have given personal guarantees or been involved in wrongful trading or fraudulent activity, you could be held personally responsible. The liquidator will investigate your conduct.

For a creditors' voluntary liquidation, you can appoint a liquidator by passing a shareholder resolution and holding a creditors' meeting. For a compulsory liquidation, a court order is required, usually following a petition by a creditor. A licensed insolvency practitioner can guide you through the correct procedure.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You should also provide information about any legal claims or ongoing contracts. The liquidator will require full disclosure to carry out their duties effectively.