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 first steps to liquidate a company in Draperstown?
The first step is to contact a licensed insolvency practitioner for a free, confidential consultation. They will review your company's financial position, including debts, assets, and cash flow. If liquidation is appropriate, they will explain the process, which typically involves a meeting of shareholders and creditors, and guide you through the necessary documentation and statutory forms.
How much does company liquidation cost in Draperstown?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a simple creditors voluntary liquidation (CVL), fees typically range from £4,000 to £6,000 plus VAT, but this can be higher for complex cases. We always provide a fixed fee quote before any work begins, so you know exactly what to expect.
Can I continue trading while my company is in liquidation?
No, once a company enters liquidation, the directors' powers cease, and the appointed liquidator takes control of the company's affairs. The company must stop trading immediately, except for activities that the liquidator deems necessary for the beneficial realisation of assets or preserving the business as a going concern for sale.
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the directors and shareholders when the company is insolvent, and a resolution is passed to wind up the company voluntarily. Compulsory liquidation is forced by a creditor through a court order, often following a winding-up petition. A CVL gives directors more control and is generally less costly and disruptive than compulsory liquidation.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted within the law. However, if you have given personal guarantees, engaged in wrongful trading, or breached fiduciary duties, you could be held personally liable. Our advisors will review your conduct and help you understand your exposure before proceeding.
Can employees claim unpaid wages if my company goes into liquidation?
Yes, employees can claim unpaid wages, holiday pay, and redundancy pay from the National Insurance Fund (NIF) through the Redundancy Payments Service. The liquidator will provide employees with the necessary forms (RP1, RP2, and RP3) to make these claims. The liquidator also has preferential status for certain employee claims in the distribution of assets.
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