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 Newtownards?
A company liquidator in Newtownards is a licensed insolvency practitioner who manages the closure of a company. Their role includes selling company assets, settling outstanding debts with creditors, investigating the company's financial affairs, and ensuring legal compliance. They act in the best interests of creditors while providing directors with a structured process to wind down operations, ultimately allowing the company to be formally dissolved.
How much does company liquidation cost in Newtownards?
The cost of company liquidation in Newtownards varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £7,000 plus VAT, but many firms offer payment plans. We provide a transparent, fixed-fee quote after a free initial consultation, ensuring no hidden costs.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of an insolvent company when they decide to close it voluntarily. In contrast, a compulsory liquidation is a court-ordered process, usually started by a creditor who petitions the court to wind up the company. CVL gives directors more control and is often faster and less costly than compulsory liquidation.
Can I keep trading if my company is in liquidation?
Once a company enters liquidation, the liquidator takes control of its affairs, and trading must cease immediately unless the liquidator specifically authorises continued trading to maximise asset value. Unauthorised trading during liquidation can lead to personal liability for directors. If you wish to continue trading, you should explore alternative options like administration or a company voluntary arrangement (CVA) before liquidation.
What happens to employees when a company goes into liquidation in Newtownards?
When a company goes into liquidation, employees are automatically dismissed from the date of the liquidation order. The liquidator will assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides necessary documentation and guidance to ensure employees receive their entitlements.
Are directors personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted within the law and not traded wrongfully or fraudulently. Limited liability protects directors' personal assets. However, if wrongful trading, fraudulent trading, or misfeasance is found, directors can be held personally liable. A professional liquidator can advise on potential risks and help you navigate the process safely.
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