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 the role of a company liquidator in Dungannon?
A company liquidator in Dungannon is a licensed insolvency practitioner who manages the formal closure of a limited company that cannot pay its debts. Their role includes realising assets, agreeing claims with creditors, investigating director conduct, and distributing any remaining funds according to legal priority. They also ensure statutory compliance and help directors understand their duties and potential liabilities during the liquidation process.
How much does company liquidation cost in Dungannon Co Tyrone?
The cost of company liquidation in Dungannon varies based on complexity, asset value, and creditor structure. Typically, fees range from £3,000 to £7,000 plus VAT for a standard Creditors Voluntary Liquidation. Our firm offers fixed-fee packages with no hidden charges, and we can often arrange payment plans or defer fees from asset realisations. Always obtain a written quote before engaging a liquidator.
Can I liquidate my company myself in Northern Ireland?
No, you cannot liquidate a company yourself in Northern Ireland. Only a licensed insolvency practitioner can act as a liquidator for a compulsory or creditors' voluntary liquidation. Attempting to dissolve a company without proper procedure can lead to personal liability, penalties, or investigation by the Department for the Economy. Professional guidance is essential to avoid wrongful trading claims.
What is the difference between CVL and compulsory liquidation in Dungannon?
Creditors Voluntary Liquidation (CVL) is initiated by directors when the company is insolvent, and shareholders pass a resolution to wind up. Compulsory liquidation is a court order obtained by a creditor (often HMRC) to force closure. In a CVL, directors retain more control and can choose the liquidator, whereas in compulsory liquidation the court appoints an Official Receiver or a nominated practitioner.
Will I be personally liable for company debts after liquidation?
In most cases, no – directors are not personally liable for company debts if they have acted within the law and not given personal guarantees. However, if you have signed personal guarantees for loans, leases, or supplier credit, creditors can pursue you personally. Also, if wrongful trading, fraudulent trading, or misfeasance is found, you may face personal liability. Professional advice protects your position.
How long does a company liquidation take in Dungannon?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on asset realisation and creditor claims. Compulsory liquidation may take longer due to court processes. Our team aims to conclude simple cases within 6 months, providing regular updates to directors and creditors throughout the process.
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