Company Liquidators Melbourne
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A company that is unable to pay its employees and unsecured creditors may be in financial distress and may be trading insolvent.
If a Director allows a Company that is insolvent to continue to trade and incur further credit knowing the Company is unable to repay those debts when they fall due for payment, that company director may become personally liable for the debts so incurred. This means that a director and their personal assets may be at risk of loss to an action for insolvent trading under the Corporations Act.
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Directors and shareholders, when a company is insolvent, should consider the appointment of an ASIC registered liquidator to wind up a company in insolvency.
If your company is experiencing financial problems and you want to understand the liquidation process, you should contact The Insolvency Experts on 1300 767 525.
We are available 24 hours a day, 7 days a week to provide you with specific information tailored to your situation and that will help you make an informed decision as to whether Company liquidation is the appropriate solution.
A Creditors Voluntary Liquidation is a process where the Directors and shareholders of an insolvent company can appoint a liquidator of their choosing. That choice however can be lost as soon as a secured creditor, or any one of the unsecured creditors, petition the Court in a winding up application. If that occurs, the creditor normally selects the Liquidator and the Court will make an order for the liquidator to be appointed.
If you are a small to medium sized business, you need to know that The Insolvency Experts provide a low-cost liquidation service, Australia-wide. The cost of liquidation is often far less than you may think and you should contact us to discuss your specific situation and to get a fixed quote on the Director contribution needed to place the company into voluntary liquidation.
"How long does liquidation take?"
The answer is:
To place a company into external administration or liquidation is quick.
Typically, a Company can be placed into liquidation within a matter of hours. The process is straightforward and involves The Insolvency Experts providing you with all the necessary documents for signing.
Once those forms are signed and a listing of outstanding creditor claims provided together with details of any company assets, the liquidation process will start.
When the Company is in in liquidation, it can be completed as quickly as 3 – 4 months – start to finish
What happens in the winding up process?
Immediately upon appointment, the registered liquidator writes to all employees, known creditors, the ATO and any others.
That first correspondence lets creditors know the Company is in liquidation and that any enquiries about the insolvent company should now be directed to the registered liquidator, and not the Company director.
Following that, the liquidator will then obtain the books and records of the Company and perform an investigation so that creditors, and the ASIC, can be provided the reasons for the Company’s failure. The Liquidator may also call a meeting of creditors to pass resolutions such as for his Liquidator’s remuneration and for the early destruction of Company books and records once the Australian Securities and Investments Commission has approved such action.
Once investigations have been completed, the Registered Liquidator will issue and lodge a Statutory Report to Creditors. This is required to be provided to creditors within 3 months of the liquidator’s appointment.
Following that, the Liquidator will lodge a report with the ASIC that describes the failure of the Company and any breaches of the Corporations Act observed.
Once that report is lodged, the ASIC will consider its contents and if it is satisfied, it will provide the Registered liquidator with the authority to complete the winding up process.
The Insolvency Experts completes most liquidations within 3 – 4 months from the date of the liquidator’s appointment.
The Insolvency Experts - Everything you need to know - Free of charge and without obligation
We have over 60 years combined experienced, and are a Registered Company Liquidator by ASIC.
If you need held with Company Liquidation or Voluntary Administration, you should contact The Insolvency Experts anytime on 1300 767 525.
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