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 Lisburn?
A company liquidator in Lisburn is a licensed insolvency practitioner who takes control of a company that is being wound up. Their role is to sell the company's assets, settle outstanding debts with creditors in the correct legal order, investigate the company's affairs and directors' conduct, and finally dissolve the company from the Companies Register. They act in the interests of all creditors while ensuring the process complies with Northern Ireland insolvency law.
How much does a company liquidation cost in Lisburn?
The cost of a company liquidation in Lisburn varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but many firms offer a fixed fee. Members Voluntary Liquidations (MVL) for solvent companies are often cheaper. Always request a clear written quote with no hidden charges before instructing a liquidator.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. The directors call a meeting of shareholders and creditors, and a liquidator is appointed to wind up the company. A Members Voluntary Liquidation (MVL) is used for a solvent company where the directors want to close it down, often for tax efficiency. In an MVL, a declaration of solvency is made, and creditors are paid in full before distribution of remaining assets to shareholders.
Can a company in Lisburn continue trading during liquidation?
No. Once a company enters compulsory liquidation (by court order) or a creditors' voluntary liquidation (CVL) is approved, the liquidator takes over control and the directors' powers cease. The company cannot continue normal trading. However, the liquidator may continue trading for a short period to sell stock or complete existing contracts if it benefits creditors. For solvent MVLs, trading stops immediately after the resolution to wind up is passed.
What happens to employees when a company goes into liquidation in Lisburn?
When a company goes into liquidation in Lisburn, all employees are automatically dismissed from the date the liquidation begins. The liquidator becomes responsible for their statutory rights, including redundancy pay, unpaid wages, holiday pay, and notice pay. Employees can claim these from the National Insurance Fund through the Redundancy Payments Service. The liquidator will provide the necessary forms (RP1, RP2, etc.) and guide employees through the process.
Are directors personally liable for company debts in Lisburn?
Generally, no. Directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if a director has given a personal guarantee, traded wrongfully or fraudulently, or misused company funds. In such cases, the liquidator can pursue directors through the courts. Seeking professional advice early can help directors avoid personal risk and fulfil their duties correctly.
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