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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and compulsory liquidation in Londonderry?
A Creditors Voluntary Liquidation (CVL) is initiated by the company's directors when they conclude the business is insolvent, and shareholders pass a resolution to wind up voluntarily. In contrast, compulsory liquidation is a court-ordered process, typically started by a creditor petitioning the court to force the company into liquidation. CVL gives directors more control over choosing the liquidator and timing, while compulsory liquidation removes control from the directors and is often a response to unpaid debts or a statutory demand.
How much does it cost to appoint a liquidator for my company in Londonderry?
The cost of liquidation in Londonderry varies depending on the complexity of your case, the size of your company, and the type of liquidation required. For a straightforward Creditors Voluntary Liquidation, fees can range from £3,000 to £6,000 plus VAT, but this is often covered by the company's assets. During your free consultation, our liquidators provide a fixed-fee quote with no hidden charges, ensuring you understand all costs upfront before any formal appointment is made.
Can I keep trading after I appoint a liquidator in Northern Ireland?
Once a liquidator is formally appointed, they take control of the company and your powers as a director cease, except for providing information and assistance to the liquidator. Therefore, you cannot continue trading in the normal sense. However, the liquidator may continue trading for a short period if it is beneficial for realising assets or completing contracts, but this is at their discretion and under strict legal guidelines. You should cease trading immediately once you decide to enter liquidation.
What are the legal duties of a director when their company is insolvent in Londonderry?
Directors have a legal duty to act in the best interests of creditors when the company is insolvent or on the verge of insolvency. This includes avoiding wrongful trading, which means continuing to incur debts when you know there is no reasonable prospect of repayment. You must also keep proper accounting records, cooperate with the liquidator, and provide a statement of affairs. Failure to meet these duties can lead to personal liability for company debts, disqualification as a director, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts, as liquidation is designed to protect shareholders and directors from personal responsibility. However, personal liability can arise if you have given personal guarantees for business loans, leases, or supplier credit. Additionally, if you have engaged in wrongful trading, fraudulent activity, or misappropriated company assets, the liquidator can pursue you personally. Our liquidators assess your situation to identify any potential risks early on.
How long does the liquidation process take in Londonderry?
The duration of a liquidation in Londonderry depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation can be completed in as little as 6 to 9 months, but more complex cases involving asset sales, legal disputes, or investigations can take several years. The liquidator must hold a final meeting of creditors and file final accounts with Companies House. Our team aims to expedite the process while ensuring full compliance with all statutory requirements, keeping you informed at every stage.
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