Liquidation Process
Are you a director considering liquidation for your company?
You’ve entered a complicated area of the law. There are many issues for you to consider before you push that button.
We have experts available to examine your situation, advise whether liquidation is the correct option and help you decide what actions you should take prior to liquidation. CALL US NOW FOR FREE Liquidation ADVICE on 1300 166 765 or click here to complete our contact form.
If you would like to read some more before calling us we have a bundle of information. Firstly, you should check that liquidation is the right solution for you. So why not Ask IRA! IRA is our Interactive Restructuring Adviser who will ask you four easy questions and then provide you with the appropriate solution.
If you’ve decided liquidation is the right solution and want to know more about the process try our page Liquidation solutions provided by Restructuring Works.
If you want to learn lots more about the different types of liquidation read on. The Corporations Act sets out the rules and procedures for the liquidation of companies. The liquidation of a company is the process of finalising its affairs which will involve the sale of assets, investigation of past actions, and the equitable distribution of the assets amongst creditors and thereafter to shareholders. There are several types of liquidation:
- Court Liquidation – ordered by the Court;
- Provisional Liquidation – also ordered by the Court but used where an urgent appointment is needed;
- Creditors Voluntary Liquidation – initiated by the directors but voted on by the company’s shareholders and creditors;
- Members’ Voluntary Liquidation – being the method used to wind up solvent companies.
