Professional Company LiquidatorsServing Randalstown Businesses

A licensed insolvency practitioner manages the closure of your company, realising assets, settling creditor claims, and investigating director conduct. They ensure the process complies with insolvency law, and they communicate with all parties on your behalf.

Costs vary based on company size, asset complexity, and creditor numbers. Typically, fees range from a few thousand pounds for a simple case to more for complex ones. A practitioner provides a fixed quote before you commit, and fees are often paid from company assets.

Your company must be insolvent, meaning it cannot pay debts as they fall due or its liabilities exceed assets. Directors must pass a board resolution and shareholders approve a voluntary winding-up. A practitioner assesses solvency to confirm eligibility.

Creditors' voluntary liquidation typically completes within six to twelve months, depending on asset realisation and claim resolution. Compulsory liquidation may take longer due to court procedures. Your practitioner provides a timeline after reviewing the case.

Yes, alternatives like administration or a company voluntary arrangement may allow the business to continue trading or pay debts over time. A licensed professional assesses your financial position and advises which route best protects creditors and any remaining business value.

Employees are made redundant once liquidation begins, unless a buyer is found for the business. They can claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides necessary documentation for these claims.

Generally, no, if you have acted properly and not given personal guarantees. However, if wrongful trading or fraudulent activity is found, a court may order personal contribution. The liquidator investigates director conduct and may pursue claims against you if duties were breached.

Look for a licensed insolvency practitioner registered with a recognised professional body, such as the Insolvency Practitioners Association. Check experience with similar companies, request a clear fee structure, and ask for references. AccountingFirms lists only verified, regulated professionals.

You need to supply company accounts, bank statements, asset registers, debtor lists, creditor details, and records of any director loans or guarantees. The liquidator uses this to assess the financial position, realise assets, and prepare the statement of affairs.

Yes, if there is evidence of deliberate non-payment or wrongful trading, the liquidator may make a claim against directors personally. However, this is not automatic. The practitioner investigates each case and only pursues where legal grounds exist.