Liquidations

Liquidation is a process that the liquidator realises the company’s assets, pay the realisations to creditors and deregisters the company. This applies to the company that does not continue to trade and cannot pay debts in full. The directors call for shareholder’s meeting for the shareholders to pass the resolution to place the company in liquidation.

Liquidator obtains control of the company during liquidation. The liquidator informs all creditors and relative stakeholders, investigate and realise all company’s assets, investigate voidable transactions and pay recoveries to unsecured creditors.

Both solutions provide immediate relief from the company’s creditors including:-

• ATO and unpaid taxes
• Trade suppliers
• Bank loans, overdrafts and lines of credit

Where ever possible we will always try to maintain the value of the business and the assist the company in its restructure so all stake holders can move forward with a fresh start.

Generally speaking the director will not be liable for the debts of the company unless the following has occurred:-

• Director has signed a personal guarantee for the debt.
• Director failed to remedy a Directors Penalty Notice.
• The Director has failed to lodge his BAS within three months of their due date.