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Call Free Expert Advice 24/7Voluntary Liquidation
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A Voluntary Liquidation with The Insolvency Experts is a quick and inexpensive way of dealing with an insolvent company and ending the stress associated with continual creditor calls.
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Liquidations
Company Liquidation Can Actually Help
A Creditors “Voluntary Liquidation” is appropriate for insolvent companies that can’t pay their debts. Liquidation is often the best option as it:
- Ends the stress and concern caused by continual creditor calls.
- Focuses creditor attention onto the Liquidator and away from the director.
- Helps protect a director from Insolvent Trading.
- Can protect a director from Personal Liability for unpaid tax liabilities – see the Director Penalty page.
The first job of the Liquidator is to contact the creditors to let them know the company has been placed into liquidation. From that point, creditors deal with the liquidator – Not the director.
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Call FREE Expert Advice 24/7The Role Of The Liquidator In A Voluntary Liquidation
The Liquidator will:
- Take control of, and realise the assets of the insolvent company.
- Deal with all creditor enquiries.
- Review the affairs of the company.
- Report to ASIC and creditors any issues found in the liquidation process.
- Review any legal actions againsts available to the Company.
The effect of a Voluntary liquidation?
When a liquidator is appointed, the directors powers are immediately suspended.
The liquidator takes control of the company and reports to creditors and the ASIC. The directors are only obliged to provide reasonable assistance to the Liquidator in the winding up process.
Once appointed, the liquidator will take control of, and sell all remaining assets as well as undertake an investigation in order to explain the reasons for the company’s failure.
What is expected of directors in a Voluntary Liquidation?
By law, Directors are required to provide reasonable assistance to the liquidator who may require:
- details of the assets and liabilities of the company.
- all the company’s books and records.
- explanations of any of the transactions of the company.
- explanations of the use of company funds or property.
If the Liquidator believes there has been any breaches of the Corporations Act, he must report to the ASIC and the creditors who will consider and determine the appropriate course of action.
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What happens in a Creditors Voluntary Liquidation
A liquidator’s must determine whether:
- there are any assets able to be distributed to the creditors.
- the company entered into any transactions that may be considered voidable or able to be challenged for the benefit of creditors.
- the company traded while insolvent.
- company funds or assets have been misused or misappropriated.
- there are any preferential payments or uncommercial transactions that can be challenged.
There is no set time frame to complete a liquidation. However The Insolvency Experts provide a premium service and try to complete a simple liquidation within 4 – 6 months. Occasionally, if a matter is complex, a liquidation may take longer than this.
The time it takes to complete a liquidation depends upon whether:
- any legal proceedings are commenced – say for the recovery of debts.
- there is an attempt to recover unfair preferences, unreasonable or uncommercial transactions.
- the ASIC has given clearance so the matter to be finalised.
Apart from providing reasonable assistance, a directors will usually have very little involvement in the liquidation process.
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Out Story and Key Credentials
We are a specialist insolvency practice providing free 24 hour advice to company directors & individuals throughout all states & territories of australia.
Our highly experienced & trusted professionals are qualified, licensed & regulated by the asic.
Established in 2006, we were the original, low cost liquidation provider and have since helped thousands of directors and hundreds of companies in a wide array of industries.
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24/7 Helpline 100% of Calls Answered by Qualified Expert – not a call centre
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ASIC License 296215 since 2006
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Operating in All States of Australia
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30+ Years Experience
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1,500+ Directors Assisted Annually
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85% of liquidations effectively completed within 4 – 6 months
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Low Cost Liquidation Expert
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Rated 5 out of 5 on Google Reviews
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