Professional Company LiquidatorsServing Magherafelt Businesses

A licensed liquidator takes control of the company's affairs. They realise assets, investigate the reasons for insolvency, and distribute any funds to creditors according to the legal priority. They also handle the administrative closure of the company and report on the conduct of directors.

Costs vary based on the complexity of the case and the size of the company. A licensed insolvency practitioner will provide a fee estimate after an initial review. The fees are often paid from the company's assets, but you should discuss this in detail before any formal appointment.

A creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent. A compulsory liquidation is forced by a creditor through a court order. The process and the level of control differ significantly, so professional advice is essential to understand which applies.

Yes, a solvent company can be closed using a Members' Voluntary Liquidation. This process is used when the directors can confirm the company can pay all its debts in full within a set period. It allows for the orderly distribution of assets to shareholders.

Directors must cooperate fully with the liquidator, provide all necessary books and records, and answer questions about the company's affairs. You must not hide assets or prefer certain creditors. Failure to cooperate can lead to personal liability or disqualification proceedings.

The duration depends on the complexity of the case. A simple liquidation might be completed within six to nine months. Cases with complex asset sales or investigations can take much longer. The liquidator will provide a timeline estimate once they have reviewed the company's position.

The liquidator will review the employee list and make them redundant if the business is not being sold. Employees may be able to claim certain statutory payments from the National Insurance Fund. The liquidator provides the necessary documentation for employees to make these claims.

Depending on your situation, alternatives might include a company voluntary arrangement, administration, or a formal restructuring. These options can sometimes allow the business to continue trading. A licensed professional will help you assess which solution is most suitable for your company's specific circumstances.

You will need to provide the company's statutory books, financial records, bank statements, and details of all assets and liabilities. The liquidator will also require information about any transactions made in the months leading up to the liquidation, including any payments to directors or connected parties.

The liquidator takes control of all company assets. They will arrange for the assets to be valued and sold to realise funds for creditors. This includes physical assets, intellectual property, and any outstanding debts owed to the company. The proceeds are then distributed according to the legal hierarchy.