Company Liquidators in CookstownProfessional Advice and Support

The cost for a Creditors' Voluntary Liquidation is usually based on the complexity of the case and the value of the company's assets. Most liquidators offer a fixed fee structure, but this can vary. You should obtain a detailed quote from a licensed professional before proceeding to understand all potential fees involved.

A company is legally insolvent if it cannot pay its debts as they fall due, or if its liabilities exceed its assets. This is known as the cash flow test and the balance sheet test. A licensed insolvency practitioner can formally assess your company's financial position to confirm whether it meets the statutory definition.

The process begins with a meeting of the board of directors to pass a resolution to wind up the company. Following this, a meeting of shareholders is held to formally appoint the liquidator. The appointed professional then takes control of the company's assets and manages the distribution to creditors.

The duration of a liquidation depends on the complexity of the company's financial affairs. A simple case with few assets and creditors might be completed in several months. More complex cases with numerous assets or legal disputes can take a year or longer to conclude fully.

Yes, alternatives exist depending on your situation. A Company Voluntary Arrangement (CVA) allows you to repay debts over a period of time. If the company is fundamentally viable but has too much debt, administration might be appropriate. A licensed professional can explain which option is most suitable for your business.

Yes, if the company is solvent but no longer needed, you can apply for a Members' Voluntary Liquidation (MVL). This is a formal process for solvent companies to close, which can be more tax-efficient for extracting retained profits. An insolvency practitioner must still be appointed to oversee the process.

When a liquidator is appointed, they take control of the company. The liquidator will review the company's financial position and will likely make all employees redundant immediately if there are no funds to continue trading. Employees may be able to claim certain arrears of pay and holiday pay from the National Insurance Fund.

Generally, you are not personally liable for the company's debts if it is a limited company. However, personal liability can arise if you have given personal guarantees or if you have been found guilty of wrongful trading or fraudulent activity. The liquidator will investigate your conduct as a director.

There are restrictions on using a company name that is the same as or similar to a liquidated company. You may be prohibited from doing so for up to five years unless you obtain permission from the court or follow the specific exceptions outlined in the insolvency legislation.

You will need to provide the company's full accounting records, including details of all assets and liabilities, a list of creditors, and details of any charges over the company's assets. You must also provide the company's statutory registers and any relevant contracts or leases that the company holds.