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Liquidation Of Company

Liquidation Of Company

Is the Liquidation Of a Company the Best Course of Action?

There are several reasons why businesses find themselves in financial difficulty. It can be from poor cash flow resulting from adverse economic conditions, unfavourable legal action against the company, ATO debt issues, or unpaid creditors.

liquidation advisory centre | liquidation of companyRegardless of the matter, there are several options available to deal with your debt concerns before official Liquidation. However, sometimes these solutions include winding down your business by going into voluntary administration or business restructuring.

At the Liquidation Advisory Centre, we have the experience to guide you through these processes, so you fully understand Liquidation, meaning there are no surprises.

Liquidation Of A Company Explained Simply

Liquidation is winding up and finalising a company’s financial affairs. Under usual circumstances, the Liquidation of company assets begins because the company cannot pay all its debts. In other words, it is insolvent.  An independent and suitably qualified person, known as a liquidator, will take control of the company so that the business can wind up its affairs in an orderly and fair way for the benefit of all creditors.

What is the difference between voluntary administration and the liquidation process?

Voluntary administration, via an appointment of an external administrator, usually takes place when there is a possibility of the continuance of the company’s existence. This formal insolvency process is intended to resolve a company’s financial debt situation as quickly as possible to maximise returns to creditors. Liquidation is a type of insolvency designed to wind up the company and its affairs. If voluntary administration fails, legally, it requires the winding up of the company.

Is Liquidation the best choice for my company’s debts?

Business debt can be difficult to manage, especially if you’re not sure what your options are. No one size fits all for these types of decisions, so it’s important to investigate the different options and circumstances before deciding which is best for your company.

  • Is your company still currently in operation?
  • What is the business structure sole trader, partnership, an Ltd Pty company, or trust?
  • What are the debt levels that your company is currently facing?
  • Are there any assets in the business?
  • How are employees involved in the business?
  • Does the company have any adverse legal action pending; and
  • What is the outcome for the company, as well as yourself? What would you like to see?

The only way to fully wind up and close the business is by liquidating its assets. An independent party carries this out, while protecting the interests of creditors, directors or company members and ensuring an equitable distribution of proceeds from the sale of those assets.

How is an insolvent company wound up?

  • Compulsory by the court, usually when one or more creditors make an application to the courts, or
  • Voluntarily by resolution of the company directors to end the company’s existence.

What else can be done to clear company debts?

There are several options available to assist you in clearing your debts. There are also mechanisms to ensure any legal action against your business ceases and that employees get paid their outstanding entitlements through a government scheme.  This is available even if the liquidated company does not have the money to pay its employees.

“It’s not easy seeing a company go under, but it’s important to remember that there are times when the only viable approach is winding up. I will work with you to find the best way to approach a liquidation and understand that these can be very stressful for business owners.”

We can help find a solution for companies in financial distress with Debt RestructuringVoluntary Administration or Liquidation Options.

We encourage you to call us at 1300 887 210 for a complimentary, no-obligation chat to discuss the right solution for your specific situation.

          

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What you need to know before declaring liquidation