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 Dungannon?
The main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies closing voluntarily, and compulsory liquidation which is court-ordered. A licensed insolvency practitioner can advise which route is appropriate for your specific financial situation.
How much do company liquidators in Dungannon charge?
Fees vary depending on the complexity and size of the company. Typically, costs are based on an hourly rate or a fixed fee agreed upfront. During a free consultation, we provide a transparent breakdown of all costs and potential disbursements so you know exactly what to expect before proceeding.
Can a company continue trading during liquidation?
Once liquidation begins, the liquidator takes control of the company's affairs. Trading can only continue if the liquidator believes it is necessary to achieve a better outcome for creditors, such as completing existing contracts or selling stock. Otherwise, trading ceases immediately to protect creditor interests.
What happens to employees when a company is liquidated?
Employees are automatically dismissed when a company enters liquidation. The liquidator will provide them with the necessary forms to claim statutory redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund. We guide employees through the claims process to ensure they receive all they are owed.
Are directors personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted in good faith and complied with their duties. However, liability can arise if there is evidence of wrongful trading, fraudulent activity, or personal guarantees. Our team can assess your conduct and advise on potential risks during your free consultation.
How long does the liquidation process take in Dungannon?
The timeline varies but typically takes between 6 to 12 months for a straightforward CVL or MVL. Complex cases with significant asset realisation or investigations may take longer. We work efficiently to conclude the process as quickly as possible while ensuring full legal compliance and maximum returns for creditors.
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