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 difference between CVL and compulsory liquidation in Ballynahinch?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent, and it allows for a controlled winding-up with creditors' approval. Compulsory liquidation is a court-ordered process, usually triggered by a creditor's petition, which forces the company to close. Our Ballynahinch liquidators can advise on which route is more suitable based on your specific circumstances.
How much does it cost to liquidate a company in Ballynahinch?
The cost varies depending on the complexity of the company's affairs, asset value, and number of creditors. For a simple CVL, fees typically range from £3,000 to £6,000 plus VAT, but we always provide a fixed-fee quote after a free initial assessment. We ensure no hidden charges and explain all costs upfront before any work begins.
Can I continue trading while my company is being liquidated in Ballynahinch?
Once liquidation proceedings begin, directors lose control of the company, and trading must cease immediately, except in rare cases where the liquidator allows limited trading to preserve asset value. Attempting to trade while insolvent can lead to personal liability for wrongful trading. Our team will guide you on the correct legal steps to avoid penalties.
What happens to employees when a company is liquidated in Ballynahinch?
Employees are automatically made redundant upon the appointment of a liquidator. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator will provide each employee with a claim form (RP1) and ensure their preferential claims are processed correctly.
Are directors personally liable for company debts after liquidation in Ballynahinch?
Generally, directors are not personally liable for company debts if they have acted honestly and within the law. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or misuse of company funds. Our liquidators investigate director conduct and will advise you on potential risks during the initial consultation.
How long does a company liquidation take in Ballynahinch?
A straightforward CVL can be completed in as little as 6 to 12 months, depending on the complexity of asset realisation and creditor claims. Compulsory liquidations may take longer due to court processes. We aim to expedite the process while ensuring full compliance with insolvency legislation, keeping you informed at every stage.
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