If your company is at risk of trading insolvent, we can help relieve you of your financial stress
Guiding You Through Company Liquidation in Melbourne
When your business is in severe financial difficulty and there is no chance of maintaining solvency, sometimes the only remaining option is to wind up your company and re-distribute its assets through Company Liquidation.
Company Liquidation should be seen as a last resort for your business. Under Liquidation, your company will cease trade and operations, become deregistered and have its assets reviewed and sold off by the Liquidator to repay your creditors.
Why Should You Choose to Liquidate Your Company?
When making the difficult decision to place your company into Liquidation, you should consider the benefits of the Liquidation process:
What Does the Liquidation Process Involve?
If you decide Company Liquidation is the right choice for your business, here’s what you can expect from the Liquidation process.
- A Revive Financial Liquidator is appointed to your company.
- The Liquidator locates and safeguards your company’s assets.
- They evaluate your assets and investigate your company’s financial situation.
- The Liquidator will then report their findings to your creditors and the Australian Securities and Investments Commission (ASIC).
- Any offenses found will be reported for ASIC to follow-up on.
- The Liquidator will distribute the remaining funds from your assets to your creditors.
- Any funds left over are then distributed to your shareholders.
- You company is finally deregistered through ASIC.
The Difference Between Company Liquidation and Voluntary Administration
Company Liquidation and Voluntary Administration are two very different processes with different potential outcomes. If your company enters into Voluntary Administration, an Administrator is appointed who will take control of your company and make key decisions regarding the future of your business.
Voluntary Administration allows your company to press the pause button and lets you take a step back from your company and your creditors. This pause may give you enough time to sell some assets and generate enough money to pay debts. After the Voluntary Administration process, the Administrator can hand you back control of your company and you could go on to trade at a profit once again.
Company Liquidation, on the other hand, should only be opted for once all other avenues have been explored. A Liquidation’s sole purpose is to end your company, sell its assets and pay back creditors. If your company is going through the Liquidation process, it has no chance of a profitable future.
Understanding Your Company’s Financial Situation is Our Aim
Revive Financial has helped hundreds of businesses in Melbourne and surrounding suburbs achieve the best possible outcome during difficult financial times. We work closely with you to provide advice and customised solutions to avoid Liquidation. If avoiding Liquidation is not feasible, one of our in-house Registered Liquidators will be appointed and we will administer Company Liquidation as professionally and efficiently as possible.
Liquidation is a straight-forward process and not half as daunting as it sounds. While it does spell the end of your company, it can also mark the lifting of an incredible burden on you and allow you to move forward with your life.
We Help Thousands of Businesses Through the Company Liquidation Process in Melbourne
If you’re considering Liquidation for your company, or would like to know what other options are available to you, Revive Financial can help. Our team consists of Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Turnaround Specialists and Financial Advisors. We have been helping property developers, Victorian food manufacturing businesses, high profile retailers, and a number of other Melbourne based companies with Liquidation for over ten years.