ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the role of a company liquidator in Antrim?
A company liquidator in Antrim is a licensed insolvency practitioner who manages the formal winding-up of a company. Their role includes realising assets, settling creditor claims, investigating the company's affairs, and ensuring that all legal obligations under Northern Ireland insolvency law are met. They act in the best interests of creditors while providing directors with guidance throughout the process.
How much does company liquidation cost in Antrim?
The cost of company liquidation in Antrim varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed-fee arrangements. We provide transparent pricing with no hidden costs, and an initial consultation is always free.
What are the signs that my company needs liquidation?
Common signs that liquidation may be necessary include: inability to pay debts as they fall due, mounting creditor pressure or statutory demands, significant losses with no recovery prospects, loss of key contracts or customers, and directors facing personal liability for wrongful trading. If you are experiencing any of these issues, it is wise to seek professional advice promptly.
Can I continue trading during liquidation?
Once a company enters formal liquidation, trading must cease except for the purpose of a beneficial winding-up, such as completing existing orders or selling stock. The liquidator takes control of the company's affairs. However, before liquidation, directors may continue trading if there is a reasonable prospect of rescue, but they must avoid wrongful trading.
What is the difference between voluntary and compulsory liquidation?
Voluntary liquidation is initiated by the company's directors or shareholders, typically through a Creditors' Voluntary Liquidation (CVL) when the company is insolvent. Compulsory liquidation is a court-ordered process, usually triggered by a creditor's petition. In Antrim, CVL is more common and allows directors to retain more control over the appointment of the liquidator.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts, as a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. A professional liquidator can assess your situation and advise on potential risks.
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