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 a company liquidator and when do I need one in Cookstown?
A company liquidator is a licensed insolvency practitioner who winds up a company's affairs, sells its assets, and distributes proceeds to creditors. You need one in Cookstown when your company is insolvent (cannot pay debts as they fall due), when a court orders compulsory liquidation, or when shareholders decide to close a solvent company via members' voluntary liquidation. Our liquidators assess your situation and guide you through the legal process.
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by directors and shareholders when the company is insolvent, and creditors approve the liquidation at a meeting. Compulsory liquidation is a court-ordered process, usually started by a creditor petitioning for a winding-up order. CVL gives directors more control and often results in better outcomes for creditors, while compulsory liquidation is more formal and can involve investigation.
How much does company liquidation cost in Cookstown?
Liquidation costs vary based on company complexity, asset values, and creditor numbers. Typically, a simple CVL may cost between £4,000 and £7,000 plus VAT, while compulsory liquidation can be more expensive due to court fees. Our Cookstown liquidators provide fixed-fee quotes after a free initial assessment, ensuring no hidden costs and full transparency.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, directors lose control of the company, and trading must cease immediately, except in limited circumstances where the liquidator continues trading to sell stock or complete contracts for the benefit of creditors. Continuing to trade after insolvency can lead to personal liability for wrongful trading, so it is essential to seek advice early.
What happens to employees during liquidation in Cookstown?
Employees are automatically made redundant when a company enters liquidation. The liquidator notifies them, and they can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. Our team helps employees understand their rights and submits necessary claims on their behalf.
How long does the liquidation process take in Northern Ireland?
The duration depends on the complexity of the case. A straightforward creditors voluntary liquidation can conclude in 6 to 12 months, while cases with complex asset realisation, legal disputes, or investigations may take several years. Our liquidators aim to resolve matters efficiently, keeping creditors informed at each stage.
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