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Lowest Cost Company Liquidation
Lowest Cost Liquidation
A Creditors 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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Lowest Cost Liquidation
Company Liquidation Can Be Beneficial
A “Creditors’ Voluntary Liquidation” is for an insolvent company that is unable to pay its debts. Liquidation is often the best option as it:
- Helps end the stress and worry caused by continual creditor calls
- Focuses creditor attention on the Liquidator and not the director
- Helps protect a director from Insolvent Trading
- Helps protect a director from Personal Liability for unpaid tax liabilities – see the Director Penalty page
As soon as we are appointed Liquidator, we contact the creditors, advise them the company has been placed into liquidation, and from that point on, creditors direct all queries about the company to us – and not the director.
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The role of the liquidator in a Creditors Voluntary Liquidation
The Liquidator will;
- Take control of, and realise the assets of the insolvent company
- Distribute available funds to proven creditors
- Investigate the affairs of the company
- Report to ASIC any issues found through the investigation process
- Consider various legal actions against debtors, creditors and others
The effect of a Creditors’ Voluntary liquidation?
When a liquidator is appointed, the directors powers are immediately suspended.
The liquidator takes control of the company and reports to the creditors and the ASIC. The directors are obliged to assist the Liquidator in the winding up process.
Once appointed, the liquidator will take control of, and sell the 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 Creditors Voluntary Liquidation? Directors are required by law to assist the liquidator. In this regard, the liquidator may require a director to provide:
- details of all the assets and liabilities of the company at the date of liquidation
- all the company’s books and records
- explanations of 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 will report to the ASIC and the creditors who will consider the appropriate course of action in the circumstances.
Liquidation need not be a traumatic experience. If you are considering liquidation, talk to us. We’ll provide honest advice and information about your situation at no cost and without obligation.
Investigations in a Creditors’ Voluntary Liquidation
A liquidator’s investigations will determine whether:
- there has been a breach of the Corporations Act;
- the company entered into any transactions that may be voidable or able to be overturned for the benefit of creditors
- the company traded while insolvent
- company funds or assets have been misused
- there are any unreasonable or uncommercial transactions that can be recovered.
There is no set time frame to complete a liquidation however The Insolvency Experts usually try to complete a simple liquidation within 6 to 8 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 actions 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 for the matter to be finalised.
While a liquidation may take a number of months to complete, directors will usually have very little involvement in the process.
Your Questions Answered
Our Approach To Helping Your Financial Problems
The Insolvency Experts are ASIC licenced insolvency specialists who will help you FREE of charge and without obligation, 24 hours a day.
All you need to do is call to obtain answers, options and solutions to the most difficult financial situations.
The Insolvency Experts will tell you exactly what you need to know – not what you may want to hear. By doing this, we empower you, through the provision of correct information, to make the best and most informed decisions about your finances in difficult circumstances.
The Insolvency Experts who you will speak with are licenced professionals with over 30 years specialist insolvency experience. We have helped thousands of people just like you in the most dire financial situations.
We have a proven track record of honesty and trustworthiness and seek to maintain the highest ethical and moral standards while providing you with sound, professional advice.
Call – an ASIC licenced expert will assess your financial situation and provide expert tailored advice.
Answers – will be given to every question. There is no time limit on these consultations.
Options – will be canvassed and explained so you can make an informed decision that is best for you and your family.
Solutions – including both informal and formal solutions. These may include Company liquidation or Administration.