We provide fast, low cost company liquidation services for all Australian businesses
If your business is facing insolvency with no chance of turning it around, the best thing to do is walk away before it’s too late. Putting the business into liquidation can help you avoid penalties for insolvent trading.
By engaging us at Revive Financial, you can take a step back from your company and breathe easy while our experts work out the best way forward.
What is Company Liquidation?
If your company is found to be insolvent – meaning it can’t pay off its debts- the directors and shareholders may decide to start Company Liquidation. Company Liquidation is the process of selling all assets the business owns, paying off creditors and dissolving the business.
When a business goes into Company Liquidation in Australia, it’s usually the result of long-term financial difficulties. The quick and effective strategy of liquidation helps its directors comply with their statutory duties.
Why Company Liquidation?
As a company director, you know when your business is facing financial distress. If your company has too much debt, you’re worried you may be trading insolvent and can’t see the company operating in the future – liquidating your company will wind up its affairs quickly and help you get back on track.
At Revive Financial we understand that deciding to put your business into Liquidation can be an incredibly emotional and stressful experience. We are here to assist you through this challenging time and help you navigate the Company Liquidation process and make it as quick and stress-free as possible.
Company Liquidation gives you the chance to get closure, alleviate stress and move on with your life.
- You’ll get to choose the liquidator – one who really wants to help you resolve your situation.
- All creditor harassment will stop, including any further legal action.
- Liquidation eliminates the chance of breaching your director duties.
- You’ll avoid any personal liability and trading insolvent risks.
Worried about trading insolvent? For more information on Company Liquidation, get in touch with us to arrange a confidential consultation.
Steps to Enter Company Liquidation
If your company is found to be insolvent, you’re no longer legally allowed to conduct business and the company must be wound up.
If your company is found to be insolvent, you must appoint a Liquidator to wind it up. The liquidator will take control of your company and begin to sell the assets, giving money from the sale to your creditors. Speak to us at Revive Financial about appointing a Liquidator. We will be able to advise you on your company’s situation and the potential costs involved.
Once the Liquidator has finished their Liquidation process, they’re required to lodge the Notion of Final Meeting Convened by Liquidator to complete the process. When it gets to this point, your company has officially been wound up.
Why Choose Revive Financial?
Our team of qualified professionals deliver full-scale debt management services, which is what sets us apart from any other debt management company or insolvency firm in Australia.
Often when people have unmanageable debt or their business is in trouble, they fear the worst and think closing down or going bankrupt may be the only option. At Revive Financial, we offer many alternatives to settle debts, reduce repayments, make debt manageable and rescue businesses.
Our specialist team consists of ASIC Registered Liquidators, Registered Bankruptcy Trustees, Chartered Accountants and Business Debt Specialists with over 43 years of combined experience to ensure we find the right solution to your financial situation.
If you’re struggling with personal or business debts, we can assist. Get in touch with us today.
What Makes Us Great
In-house ASIC Registered Liquidator
In-house ASIC Registered Bankruptcy Trustee
CPA and CA Qualified Accountants
Professional Members of TMA
Professional Members of ARITA
Rated 4.9 out of 5 on Trustpilot
Not sure if Company Liquidation is right for your business? Get in touch with our business debt specialists today for a free business health check and analysis.
Company Liquidation FAQs
The time it takes to complete a Company Liquidation will vary depending on how complicated the company’s affairs are. There is no set time limit with which the Company Liquidation needs to be completed and as such, it can range from 12 to 18 months (for an average-sized company that is fairly uncomplicated) to longer (if the company’s affairs are complex). The main factors that affect the time-frame of the Liquidation are the structure of the company, its dealings prior to being liquidated and whether it will be necessary to litigate.
You have the same duties and obligations during the Company Liquidation period as you had prior to the Liquidator’s appointment. In addition, you must:
- Provide the Liquidator with a report as to the affairs of the company,
- Provide all of the company’s books and records to the Liquidator, and
- Reasonably assist the Liquidator in carrying out his or her role.
The priority for payment of proceeds in a Company Liquidation is generally as follows:
- Costs and expenses of the Liquidation, including the Liquidator’s fees,
- Secured creditors,
- Employee claims, and
- Unsecured creditors.
Credit reporting bureaus do keep track of companies that enter Company Liquidation and the names of the directors of those companies. The ‘mark’ on your credit report is there, but it is unlikely to affect you if you’re applying for personal credit. For example, if you want to apply for a credit card or personal loan, it generally won’t be an issue. However, if you want to apply for a business loan, it is much more likely the ‘mark’ will be found.