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 Lurgan?
A company liquidator in Lurgan is a licensed insolvency practitioner who manages the closure of an insolvent company. Their duties include realising company assets, distributing funds to creditors in the statutory order, investigating director conduct, and ensuring all legal and statutory requirements are met under Northern Ireland insolvency law.
How much does company liquidation cost in Lurgan?
The cost of company liquidation in Lurgan varies depending on the complexity of the case, the number of creditors, and the company's asset structure. Typically, fees range from £3,000 to £7,000 plus VAT for a straightforward Creditors Voluntary Liquidation. We provide a fixed-fee quote after an initial free assessment.
What is the difference between CVL and compulsory liquidation?
A Creditors Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent. Compulsory liquidation is a court-ordered process usually initiated by a creditor through a winding-up petition. CVL gives directors more control and often results in better outcomes for creditors.
Can directors of a Lurgan company face personal liability for insolvency?
Directors can face personal liability if they engage in wrongful trading, fraudulent trading, or breach their fiduciary duties. However, if they seek professional advice early and act in the best interests of creditors, they can protect themselves. Our liquidators help directors navigate these risks and comply with their legal obligations.
How long does a company liquidation take in Lurgan?
A Creditors Voluntary Liquidation in Lurgan typically completes within 6 to 12 months, depending on the complexity of asset realisation and creditor claims. Compulsory liquidation may take longer due to court processes. We aim to conclude cases as efficiently as possible while ensuring full compliance.
What happens to employees when a Lurgan company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed. The liquidator handles redundancy claims, unpaid wages, and holiday pay through the National Insurance Fund. Employees are classified as preferential creditors for certain claims, and the liquidator ensures they receive all statutory entitlements they are owed.
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