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 are the main types of company liquidation in Co. Tyrone?
In Co. Tyrone, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and compulsory liquidation which is court-ordered. A CVL is initiated by directors when the company cannot pay its debts, while an MVL is used when shareholders decide to close a solvent business. Compulsory liquidation typically follows a winding-up petition from a creditor.
How much does a company liquidator in Co. Tyrone charge?
Fees vary based on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees often range from £2,000 to £5,000 plus VAT, but some liquidators offer fixed-fee packages. MVLs are usually cheaper because there are fewer creditors involved. Always request a detailed quote upfront and confirm whether the fee covers statutory advertising, creditor correspondence, and final dissolution.
Can a director of a Co. Tyrone company be held personally liable for debts?
Generally, directors are not personally liable for company debts as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, traded wrongfully or fraudulently, or misused company funds. A liquidator will investigate director conduct and may pursue claims for recovery if assets were removed improperly. Seeking early advice reduces these risks.
What happens to employees when a company in Co. Tyrone goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order. They become preferential creditors for unpaid wages, holiday pay, and pension contributions up to statutory limits. The liquidator will guide employees on claiming from the National Insurance Fund for redundancy payments and other entitlements. You should provide a list of employees and their details to the liquidator.
How long does the liquidation process take in Co. Tyrone?
A straightforward Creditors Voluntary Liquidation typically takes 6 to 12 months to complete, including the final dissolution of the company. However, complex cases with many assets, legal disputes, or incomplete records can take longer. Members Voluntary Liquidation for solvent companies is often quicker, sometimes completing in 3 to 6 months. The liquidator must file final accounts with Companies House and HMRC before dissolution.
Can I continue trading after my company enters liquidation?
No. Once a company enters liquidation, the liquidator takes control of all assets and business operations. Directors cease to have authority to trade, sign contracts, or dispose of assets. Continuing to trade after liquidation is a criminal offence and could lead to personal liability. The liquidator may continue trading briefly to sell stock or complete work-in-progress, but only under their supervision.
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