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 available in Coleraine?
In Coleraine, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and compulsory liquidation through a court order. CVL is the most common for distressed companies, allowing directors to voluntarily wind up the business with a licensed insolvency practitioner. MVL is used when a company is solvent but directors wish to close it, often for tax efficiency. Compulsory liquidation is usually initiated by creditors through a winding-up petition.
How much does a company liquidator cost in Coleraine?
The cost of company liquidation in Coleraine varies based on the complexity and size of the company. For a Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger companies. Many liquidators offer fixed fees, and the cost is often paid from the company's assets. In some cases, directors may need to contribute if assets are insufficient. We always provide a transparent, no-obligation quote before any work begins.
Can I continue trading after appointing a liquidator in Coleraine?
No, once a liquidator is appointed, they take control of the company. The directors' powers cease, and the liquidator's role is to realise assets, settle debts, and dissolve the company. Trading after liquidation is generally not permitted, except in very limited circumstances where the liquidator may continue trading to sell stock or complete contracts. If you wish to continue trading, you should explore alternatives like administration or a company voluntary arrangement (CVA) before opting for liquidation.
What are the legal duties of directors during liquidation in Northern Ireland?
Directors have a legal duty to act in the best interests of creditors once insolvency is apparent. During liquidation, you must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through these duties to ensure you meet all statutory requirements.
How long does a company liquidation take in Coleraine?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the company's affairs. Simple cases with few assets and creditors can be concluded in as little as 4 months, while more complex cases with asset sales or legal disputes may take longer. The liquidator must file final accounts with Companies House and hold a final meeting of creditors before the company is formally dissolved.
Will I be personally liable for company debts after liquidation in Coleraine?
In most cases, directors are not personally liable for company debts if they have acted properly and not given personal guarantees. However, if you have signed personal guarantees for loans, leases, or trade credit, creditors can pursue you for those amounts. Additionally, if wrongful trading or fraudulent trading is found, you may be held personally liable. Our team can review your situation to identify any potential personal exposure before you proceed with liquidation.
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