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There is no doubt, Liquidation and Corporate Insolvency can be complex, but in many cases, it is the best course of action.  However, many directors facing tough times don’t seek or obtain advice because they are desperately trying to avoid liquidation for all the wrong reasons. Why? Because they believe what their friend or the […]

Under the Corporations Act, a company that is insolvent may be wound up in a number of ways.  The most common types of liquidation are:  A Court Liquidation Where an aggrieved creditor applies for a Court Order to have a compulsory liquidation imposed. The creditor or the Court selects the liquidator to wind up the […]

Yes – but there are rules in corporate insolvency and the ability to be a director in the future. The rules are explained below but for now, all directors need to understand the Court and ASIC can disqualify a director of a company that enters external administration. Briefly, whether in voluntary liquidation or compulsory liquidation, […]

The most commonly asked question by Company directors and business owners considering company liquidation is “what is the cost of the liquidation process?” Well – that really depends on how the Company is wound up. An insolvent Company may be wound up in two ways. First, a company’s shareholders can agree to select and appoint […]

When a business is struggling, the question most often asked by directors who are considering Company liquidation, is whether they will be held personally liable to pay its debts. Ordinarily, the purpose of having a company is to separate business risks and company debts from a directors’ personal assets. A company is a separate legal entity […]

A liquidator is appointed, generally because it can’t pay its debts. At the time of appointment, the liquidator  becomes the proper officer of the company. At the same time, the company directors powers are immediately suspended. The powers of the liquidator are laid out in Section 477 of the Corporations Act. A liquidator must be a registered […]

Company Liquidation is an option but before pursuing that, the process of debt collection used by the Australian Taxation Office will usually involve; Issuing reminder letters that state outstanding lodgements or debts exist. Issuing more serious reminder letters indicating possible penalties and interest charges that may apply to outstanding returns or non-payment of the debt. […]

In every liquidation, Liquidators seek to identify and recover monies paid to creditors where it can be shown the recipient knew or suspected a Company was insolvent at the time payment was made. The primary purpose of the law of Unfair Preference Claims is to ensure that no one creditor should receive more than others […]

Having been in the Insolvency Profession for about 28 years I thought I’d seen it all. But then something comes up that sends a powerful message to all professionals as well as members of the public. In late April I was appointed Liquidator of a company that advertised a 50%-off summer special for solar panels. […]