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 a company liquidator and when do I need one in Strabane?
A company liquidator is a licensed insolvency practitioner who winds up a company's affairs by selling assets, paying creditors, and closing the business legally. In Strabane, you typically need a liquidator when your company is insolvent (cannot pay debts when due) and you decide to cease trading. The liquidator ensures the process is fair, transparent, and compliant with Northern Ireland insolvency law.
How much does company liquidation cost in Strabane?
The cost of liquidation in Strabane varies based on the complexity of the company's finances, asset values, and the number of creditors. Typically, fees range from £2,500 to £5,000 plus VAT, but many firms offer a fixed fee for straightforward CVLs. During your free consultation, we provide a transparent quote with no hidden charges, ensuring you understand all costs upfront.
What is Creditors Voluntary Liquidation (CVL) and how does it work?
CVL is a formal insolvency process initiated by directors when a company is insolvent. In Strabane, directors pass a resolution to wind up the company, then a licensed liquidator is appointed by shareholders and confirmed by creditors at a meeting. The liquidator takes control of assets, investigates affairs, and distributes proceeds to creditors in the legal order of priority. The process usually takes 6-12 months.
Can I still trade if my company is in liquidation?
Once a company enters liquidation in Strabane, the liquidator takes over control, and directors lose their powers to trade or manage the business. Trading must cease immediately upon the appointment of a liquidator, except for actions necessary to preserve assets or complete essential contracts. Continuing to trade while insolvent could lead to personal liability for wrongful trading.
What are the legal duties of directors during liquidation in Strabane?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and information about assets and liabilities. They must not hide assets or prefer certain creditors. Directors also have a duty to minimise losses to creditors and avoid wrongful trading. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they acted honestly and responsibly. However, personal liability can arise if you gave personal guarantees, traded wrongfully, or misused company funds. Our Strabane liquidators will assess your conduct and advise on potential risks, helping you protect your personal assets where possible.
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