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IDEO BUSINESS SERVICES LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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MJF ACCOUNTANCY LIMITED
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Frequently asked questions
What is the difference between a creditors voluntary liquidation (CVL) and a members voluntary liquidation (MVL) in Dromore?
A CVL is used for insolvent companies where the directors believe the company cannot pay its debts. It involves calling a meeting of creditors, who then vote to appoint a liquidator. An MVL is for solvent companies, where shareholders pass a resolution to wind up the company voluntarily, and a liquidator is appointed to distribute assets and strike the company off. Both processes require a licensed insolvency practitioner.
How much does it cost to appoint a company liquidator in Dromore?
Costs vary depending on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are often based on the realisation of assets and can be paid from the company's assets, subject to creditor approval. For an MVL, fees are typically fixed or hourly. We always provide a clear, written quote before any work begins, with no hidden charges.
Can a director in Dromore face personal liability if the company goes into liquidation?
Yes, directors can face personal liability for wrongful trading, fraudulent trading, or if they have given personal guarantees. However, if you act early and seek professional advice, you can mitigate these risks. A liquidator will investigate your conduct, but if you have acted in good faith and followed legal duties, personal liability is unlikely. We help directors prepare properly to avoid such issues.
How long does a company liquidation take in Dromore?
A CVL typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often completed within 3 to 6 months. However, if there are investigations, legal disputes, or complex asset sales, the process may take longer. Your liquidator will provide a realistic timeline after reviewing your company's situation.
What happens to employees if their company in Dromore goes into liquidation?
Employees are considered preferential creditors, meaning they are paid before unsecured creditors for wages, holiday pay, and pension contributions up to statutory limits. The liquidator will dismiss employees, but they can claim redundancy pay and unpaid wages from the National Insurance Fund (Redundancy Payments Service). We guide employees through this process and ensure their claims are submitted correctly.
Can I close a solvent company in Dromore without going through a formal liquidation?
Yes, if the company is solvent and has not traded in the last three months, you may apply for voluntary strike-off using form DS01. However, this only works if the company has no assets or liabilities. If there are assets to distribute or creditors to pay, a members voluntary liquidation (MVL) is the proper route. An MVL also offers tax advantages for capital distributions. Our team can advise on the best option for your circumstances.
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