Expert Company LiquidatorsServing Coleraine Businesses

The cost can vary depending on the complexity of your company's affairs and the type of liquidation required. For a Creditors' Voluntary Liquidation, fees are often based on a fixed fee or a percentage of the assets realised. You should always obtain a clear, written quote before proceeding, and discuss any potential disbursements or additional charges with the licensed insolvency practitioner.

A members' voluntary liquidation is used for a solvent company where directors can make a statutory declaration of solvency. A creditors' voluntary liquidation is used when the company is insolvent and cannot pay its debts. The processes differ significantly, and the correct choice depends on your company's financial position. A licensed professional will help you determine which applies.

Yes, it is possible to liquidate a company with no assets, but the process may be more complex. In such cases, there may be insufficient funds to cover the liquidation costs. However, a licensed insolvency practitioner can advise on options such as a creditors' voluntary liquidation with a pre-packaged arrangement for fees, or in some cases, an application to the court for a compulsory winding-up order.

The duration varies. A simple members' voluntary liquidation might be completed within three to six months. A creditors' voluntary liquidation often takes longer, typically between six and twelve months, depending on the complexity of realising assets and investigating the company's affairs. Your appointed liquidator will provide a more accurate timeline after an initial review of your case.

Alternatives include a Company Voluntary Arrangement (CVA), which is a formal agreement with creditors to pay debts over time, or administration, which aims to rescue the company as a going concern. Informal arrangements with creditors may also be possible. Each option has different implications for directors and creditors, and professional advice is essential to choose the most appropriate route.

Generally, no, for most company debts if the company is liquidated properly. However, you may be personally liable for debts secured by a personal guarantee, or if you have acted wrongfully or fraudulently. A liquidator will investigate your conduct and may take action against you if you have breached your duties. Personal liability can also arise for certain taxes like VAT if not properly accounted for.

The liquidator's role is to take control of the company's assets, realise them for the benefit of creditors, investigate the company's affairs, and distribute any proceeds according to the statutory priority order. They also have a duty to report any misconduct by directors to the appropriate authorities. They act in the interests of all creditors, not the directors or shareholders.

Once a liquidation order is made or a resolution to wind up is passed, the liquidator takes control of the company. You cannot continue to trade in the normal course of business without the liquidator's consent. The liquidator may continue trading for a limited period to complete work in progress or to sell the business as a going concern, but only with their approval.

When a company enters liquidation, employees are automatically dismissed from the date of the winding-up order or resolution. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to employees to make these claims, and will also advise on any preferential status for certain arrears.

For a creditors' voluntary liquidation, you do not need to attend court. The process is initiated by a board resolution and a meeting of shareholders and creditors. For a compulsory liquidation, which is initiated by a creditor's petition, you may need to attend a court hearing. In most cases, however, a licensed insolvency practitioner can guide you through the process without court attendance.