Lok Assets Ltd
Lok Assets Ltd entered members' voluntary liquidation (MVL) on 16 Oct 2026
Lok Assets Ltd (company number NI721045) is a real estate business registered in Dungannon, Tyrone, incorporated on 11 Sept 2024. Gildernew & Co was appointed as liquidator. The record below is built from The Gazette and Companies House and updates automatically when new notices are published.
Key facts
- Company age when the liquidation began
- 2 years and 1 month
- Incorporated 11 Sept 2024; liquidation from 16 Oct 2026
- Last accounts
- Made up to 31 Dec 2025 (micro-entity)
- Covers a period ending 9 months before the liquidation began
- Directors
- 1 active director
- Appointed in 2024
- Charges
- None registered
- Appointed practitioner
- Gerard Gildernew
- Insolvency practitioner · Six Northland Row, Dungannon, BT71 6AW
- Insolvency events on record
- 1
- Recorded 16 Oct 2026
- Liquidation
Members' voluntary (MVL)
Gildernew & Co · Northern Ireland · Source: Companies House
- Since 11 Sept 2024
O'KANE, Liam
Director
Irish · Resident in Northern Ireland
Companies House data as of 21 Oct 2026
Insolvency status: Liquidation
Members' voluntary liquidation
Case 1- Gerard Gildernew · Insolvency practitioner
Appointed 9 Oct 2026
Six Northland Row, Dungannon, BT71 6AW
Companies House data as of 21 Oct 2026
Registered office address
Nature of business (SIC)
- 68209 · Other letting and operating of own or leased real estate
Companies House data as of 21 Oct 2026
No registered charges.
Companies House data as of 21 Oct 2026
Dungannon
Tyrone
BT71 6AW
Procedure guide
Members' voluntary liquidation (MVL): how it works
A members' voluntary liquidation closes a solvent company, one that can pay all of its debts in full, often because the owners are retiring or the business has run its course. The directors make a statutory declaration of solvency, the shareholders appoint a liquidator, and any surplus is returned to the shareholders. An MVL is not in itself a sign of financial distress.
What happens next
- A majority of the directors make a declaration of solvency stating the company can pay its debts, with interest, within a stated period of no more than 12 months.
- Within five weeks of that declaration, shareholders pass a special resolution to wind up the company and appoint a licensed insolvency practitioner as liquidator.
- The resolution is advertised in The Gazette, and the liquidator gives notice inviting any creditors to submit claims by a set date.
- The liquidator settles the company's debts, obtains tax clearances, and distributes the remaining assets to shareholders in cash or by transferring assets to them directly (in specie).
- The liquidator files a final account at Companies House, and the company is normally dissolved about three months later.
Typical duration
Often 6–12 months, depending mainly on how quickly tax clearances are obtained and assets are distributed.
Creditors and suppliers
- Because the company is solvent, creditors are expected to be paid in full, together with statutory interest for the period after the liquidation began.
- Creditors can send details of their claim to the liquidator by the date in the Gazette notice, after which the liquidator may distribute to shareholders without regard to later claims.
- If the liquidator concludes the debts cannot be paid in full within the declared period, the liquidation is converted into a creditors' voluntary liquidation.
- Ongoing contracts such as leases and supply agreements are typically ended or settled during the liquidation, with any amounts due paid as debts.
Employees
- Many companies entering an MVL have few or no employees, as trading has usually stopped or the business has already been sold.
- Any staff still employed are usually made redundant, and because the company is solvent their contractual and statutory entitlements are normally paid in full.
- The Redundancy Payments Service is rarely involved, because a solvent company in an MVL is expected to pay its staff's entitlements in full itself.
- Where the business was sold before the liquidation, the TUPE rules, which normally move staff to the buyer of a business, may have transferred them on their existing terms and conditions.
Customers
- An MVL usually follows the end of trading or a sale of the business, so few customer orders are normally still outstanding.
- Any refunds, deposits or other amounts owed to customers are claims against a solvent company and are normally paid in full.
- Where the business was sold, customers whose contracts continue typically deal with the buyer rather than the liquidator.
- Manufacturer guarantees are unaffected, but services the company itself promised to provide may end when the company is closed.
Directors and shareholders
- Making a declaration of solvency without reasonable grounds is a criminal offence, and debts left unpaid after the stated period create a presumption that grounds were lacking.
- Directors' powers end when the liquidator is appointed, unless the shareholders or the liquidator agree that particular powers can continue.
- Shareholders receive the surplus after debts and costs are paid, sometimes through interim distributions before the liquidation formally closes.
- Distributions in an MVL are often taxed as capital rather than income, depending on each shareholder's circumstances, and anti-avoidance rules can apply where a shareholder goes on to run a similar trade.
- A director conduct report is generally not required in an MVL, unlike an insolvent liquidation, unless it is converted into a creditors' voluntary liquidation.
- These are general rules that apply in every case of this type. They do not suggest that any director of this company has acted improperly.
Official guidance
General information about how this type of procedure usually works, not legal or financial advice about this company or your own situation.
Earlier and later real estate liquidations
- Commercial Building Management Limited19 Oct 2026
- Ch Marsh Limited19 Oct 2026
- Timesquare 2000 Limited19 Oct 2026
- Perthside Ltd16 Oct 2026
- Lok Assets Ltd16 Oct 2026
- Bansal Holdings Limited16 Oct 2026
- Edmund Dockerill & Son Limited16 Oct 2026
- Campings Luxury Coaches Limited16 Oct 2026
- T. Hollister (Chertsey) Limited16 Oct 2026