Company Liquidators in DungannonCo Tyrone – Licensed Guidance

A licensed liquidator takes control of the company's assets, sells them to repay creditors, investigates the company's affairs, and ensures the company is formally dissolved. They also handle legal filings and communicate with all parties involved, ensuring the process follows the required legal framework.

The cost varies depending on the size and complexity of the company. Typically, fees are based on the amount of work involved and the value of assets. A licensed professional will provide a clear quote before you proceed. You should always ask about any additional charges that may arise during the process.

If your company is insolvent, continuing to trade could lead to personal liability for wrongful trading. It is crucial to seek professional advice immediately. A liquidator can help you understand your options, which may include continuing to trade temporarily to sell assets or complete work, but only under strict conditions.

Creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent, while compulsory liquidation is forced by a court order, usually after a creditor petitions. The process, control, and timeline differ significantly. A professional can advise which route applies to your situation.

The process typically takes between 6 and 12 months, but it can be longer if the company has complex affairs or if there are disputes. The liquidator must finalise all asset sales, investigate the company's history, and submit final accounts. You should ask for an estimated timeline at the outset.

Employees are made redundant when the company ceases to trade. They may be entitled to claim redundancy pay and other arrears from the National Insurance Fund, which is a government scheme. The liquidator provides them with the necessary forms and guidance on how to make a claim.

Yes, you can start a new company after liquidation, but there are restrictions. If you have been a director of a company that went into insolvent liquidation, you may be subject to a disqualification order. You should seek professional advice to understand any limitations before you begin trading again.

Alternatives include a Company Voluntary Arrangement (CVA), administration, or informal arrangements with creditors. A CVA allows you to pay debts over a period while retaining control of the company. Administration provides protection from creditors while a restructuring plan is developed. Each option has its own advantages and eligibility criteria.

Common signs include persistent cash flow problems, inability to pay debts as they fall due, creditor pressure, statutory demands, or legal action. If you are unsure whether your company is insolvent, it is wise to consult a licensed professional who can review your financial position and recommend the best course of action.

Generally, no, unless you have given personal guarantees or have been involved in wrongful trading or other misconduct. The liquidator will investigate your conduct as a director. If you have acted properly and within the law, you will not be held personally liable for the company's debts.