Professional Company LiquidatorsServing Dungiven Businesses

The cost of liquidation varies depending on the size and complexity of your company. A licensed insolvency practitioner will provide a fee quote after an initial review. Fees typically cover the practitioner's time, statutory advertising, and preparation of final accounts. You should ask for a breakdown of all costs before agreeing to proceed.

Any limited company that is insolvent or wishes to close solvently can consider liquidation. For insolvent companies, a creditors voluntary liquidation is common. For solvent companies, a members voluntary liquidation is available. Eligibility depends on your company's financial position, the directors' declaration of solvency, and the support of shareholders and creditors.

The process begins with a meeting of directors to pass a resolution for liquidation. A licensed insolvency practitioner is appointed as liquidator. For a creditors voluntary liquidation, a creditors' meeting is held to approve the appointment. The liquidator then realises assets, investigates affairs, and distributes funds to creditors before dissolving the company.

A simple members voluntary liquidation can complete in as little as six to nine months. A creditors voluntary liquidation may take longer, often between twelve and eighteen months, depending on the complexity of the company's affairs, the realisation of assets, and any investigations required. The liquidator will provide an estimated timeline at the outset.

Yes, alternatives include formal insolvency procedures such as administration or a company voluntary arrangement, which allows the company to repay debts over time. Sometimes a simple strike-off is possible if the company is solvent and not trading. You should discuss your specific situation with a licensed professional to determine which option best protects your business and creditors.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary forms and guidance. It is important that employees understand their rights and the claims process to ensure they receive what they are owed.

Yes, a company can be liquidated even if it is still trading, provided the directors and shareholders pass the necessary resolutions. If the company is solvent, a members voluntary liquidation is appropriate. If it is insolvent, a creditors voluntary liquidation is required. Ceasing trading before liquidation may be advisable to avoid further liabilities, but you should seek professional advice first.

A liquidator is an officer of the court and must act in the best interests of creditors. Their duties include realising assets, investigating the company's affairs, reporting on director conduct, and distributing funds according to statutory priority. They must also ensure compliance with the Insolvency Act and other relevant legislation, and provide a final report to creditors and shareholders.

Generally, directors are not personally liable for company debts if they have acted properly and within the law. However, if there has been wrongful trading, fraudulent trading, or misuse of company funds, a liquidator may seek a court order making directors personally responsible. Personal guarantees given to lenders or suppliers can also create liability, so you should review these carefully.

Choose a licensed insolvency practitioner who is regulated by a recognised professional body, such as the Insolvency Practitioners Association or the Association of Chartered Certified Accountants. Look for someone with local experience and a transparent fee structure. You can connect with a specialist listed on AccountingFirms to ensure you receive professional, regulated advice tailored to your needs.