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 difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. The directors call a meeting of shareholders to pass a resolution to wind up the company, and then a meeting of creditors is held to appoint a liquidator. A Members Voluntary Liquidation (MVL) is for solvent companies where shareholders decide to close the business, often for tax efficiency or retirement. In an MVL, directors must make a statutory declaration of solvency, and a licensed insolvency practitioner acts as liquidator to distribute assets.
How much does company liquidation cost in Dungiven?
The cost of liquidation varies based on the complexity of the case, the size of the company, and the type of liquidation required. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher if there are complex asset realisations or legal issues. For a Members Voluntary Liquidation, fees are often fixed and start around £1,500. We provide a free initial consultation and a fixed-fee quote before you commit, so you know exactly what to expect.
Can I continue trading while my company is in liquidation?
No, once a winding-up order is made or a resolution to liquidate is passed, the company must cease trading immediately, except where the liquidator decides it is beneficial to continue for a short period to sell stock or complete contracts. Trading while insolvent and after liquidation has commenced can lead to personal liability for directors. Our advice is to stop trading as soon as liquidation is imminent and seek professional guidance to avoid wrongful trading claims.
What are the legal responsibilities of directors during liquidation in Northern Ireland?
Directors have a duty to act in the best interests of creditors once insolvency is apparent. They must cooperate with the liquidator, provide all company records and accounts, and disclose any transactions that may be considered preferences or transactions at an undervalue. Directors can be personally liable if they continue trading while insolvent, or if they breach fiduciary duties. Our liquidators help directors navigate these obligations and minimise personal risk.
How long does a company liquidation take in Dungiven?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation, creditor claims, and any investigations. A Members Voluntary Liquidation can often be completed in 3 to 6 months if the company's affairs are straightforward. The liquidator must file final accounts with Companies House and notify the Registrar of Companies to formally dissolve the company, which adds to the timeline.
What happens to employees during a company liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the winding-up order or resolution. They become preferential creditors for unpaid wages (up to a statutory cap), holiday pay, and pension contributions. Employees can claim redundancy pay and unpaid wages from the National Insurance Fund through the Insolvency Service. The liquidator will provide each employee with form RP1 and guide them through the claims process.
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