Is your company experiencing financial distress? Can it pay its debts on time? If not, it could be trading whilst insolvent. If that were the case, as a company director, you may be personally liable for allowing the company to continue to trade and incur credit whilst insolvent. This could lead to the loss of your personal assets.
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As a director and shareholder of an insolvent company, it is important to understand the liquidation process. A registered liquidator has the expertise to provide you with the correct advice about whether or not you should wind up your company.
If you want to understand the liquidation process and make an informed decision about the future of your company, contact The Insolvency Experts 24 hours a day on 1300 767 525.
A creditors voluntary liquidation provides an avenue for the directors and shareholders to take control of the appointment process and in choosing a liquidator to perform the winding up. However, this option will not be available once winding up proceedings have been commenced by an unsatisfied creditor in the Court. If an application is made to the Court, a court liquidator will be appointed. That person is usually chosen by the petitioning creditor.
If your Company is experiencing financial difficulty that the directors and shareholders wish to address, The Insolvency Experts provides a budget friendly liquidation service, especially suited to small and medium sized businesses. This winding up service is available throughout Australia.
This can be answered in two parts:
Company liquidation involves a series of complex steps that are required by the Corporations Act and the ASIC. Those steps take time. They include the liquidator notifying the employees, creditors, secured creditors, the ATO, banks and utility providers etc of the appointment.
The liquidator is also required to collect the books and records of the insolvent Company and perform an investigation to explain the reasons why the Company failed. The findings of these investigations are reported to the creditors, by way of a Statutory Report that must be prepared and lodged within 3 months a the liquidator’s appointment and also then a report to the ASIC.
Once these reporting requirements have been satisfied, the liquidator will await clearance from the ASIC before being allowed to finalise the winding up process.
While company liquidation may seem like a daunting step, directors and shareholders who engage The Insolvency Experts to liquidate their company, later advise of the enormous stress relief they felt once the liquidator was appointed.
Perhaps take a few moments to read our Google reviews that often refer to not only the stress relief but also the efficiency and empathy of The Insolvency Experts.
Our Registered Company Liquidator has over 30 years experience and has managed hundreds of liquidations across all industries and will be able to offer you free advice that will help you make an informed decision as to the future of your company.
If you need held with Company Liquidation or Voluntary Administration, contact The Insolvency Experts anytime on 1300 767 525.
Uncover POWERFUL TRUTHS about liquidation that others won’t tell you