With The Lowest Cost Liquidation Experts
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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A Creditors “Voluntary Liquidation” is appropriate for insolvent companies that can’t pay their debts. Liquidation is often the best option as it:
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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The Liquidator will:
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:
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.
A liquidator’s must determine whether:
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:
Apart from providing reasonable assistance, a directors will usually have very little involvement in the liquidation process.
Does a Liquidation affect credit rating?
Will creditors stop calling me after liquidation?
How long does it take to liquidate a Company?
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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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ASIC License 296215 since 2006
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30+ Years Experience
1,500+ Directors Assisted Annually
85% of liquidations effectively completed within 4 – 6 months
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