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Company Liquidation on the Sunshine Coast

Affordable company liquidation, without the stress

Company Liquidation Can Benefit Your Business

When your company is experiencing financial difficulty and facing insolvency, the proposition of putting it into Liquidation can be alarming. If you’ve tried other options, such as Business Turnaround and Restructuring and Voluntary Administration with no luck, then Liquidation may be the best option to relieve your financial burden. It’s best to act quickly and initiate voluntary Liquidation before you are faced with an application by a creditor to wind-up your company. Trading insolvent also carries harsh penalties for directors and puts you personally at risk for your company’s debts.

Liquidation need not be a traumatic experience. It helps ends the stress and worry caused by continual creditor calls and protect a business’ director/s from insolvent trading and personal liability for unpaid debts. If you are considering Liquidation, talk to our Sunshine Coast team at Revive Financial. We provide honest advice and information about your situation in a free 30-minute consultation.

Common Signs of Insolvency

Statutory Demand/Wind-up Notice

If you have received a statutory demand or a wind-up notice, you must take action immediately. Get in touch with us today to plan your next steps.

Financial Distress

The ATO is a significant creditor for many Sunshine Coast businesses. If your company is struggling with your tax obligations, we can help you determine how to handle an ATO tax debt.

Creditor Pressure

Creditors can place a significant amount of pressure on your company when you owe them money. At Revive Financial, we know the options available to mitigate this pressure.

Cashflow

Cashflow is the lifeblood of any business, but directors have a number of options to manage cashflow problems if they occur. Alleviating them successfully may avoid Liquidation.

Three Types of Company Liquidation on the Sunshine Coast

If Liquidation is the best course of action for your company’s financial troubles, there are three different types depending on your individual circumstances.

Creditors Voluntary Liquidation

Creditors Voluntary Liquidation (CVL) is commenced voluntarily by your company’s shareholders. As a director, you have a duty not to trade your company while it is insolvent. Accordingly, CVL is appropriate where your company has outstanding debts it cannot pay, its business has ceased and cannot continue to trade viably.

Members Voluntary Liquidation

Members Voluntary Liquidation (MVL) is only available if your company is still solvent. It is initiated by your shareholders and involves the winding up of your company’s affairs. Usually, your business has ceased and its assets are sold. Sometimes a small amount of funds or loan account balances remain.

Court Liquidation

Court Liquidation occurs when a creditor applies to the court to wind up your company because it owes an outstanding debt. To begin the process, a creditor can issue a statutory demand on your company to pay a debt under the Corporations Act. Should you not comply with this demand, the creditor can apply to the court to wind up your company.

You Can Rely on Revive Financial

Undergoing Company Liquidation can be a challenging process for both you and your creditors. But the key to efficiency is simply to understand your available options. We know it is never easy to decide on closing your company – whether it is due to financial difficulties or other similar reasons where Liquidation is the necessary resource.

At Revive Financial, we’re here to lessen the stress and proceed with an efficient Liquidation process so you can move on from your company’s financial difficulties and focus on the future.

Our Registered Liquidators Will Seek the Best Possible Outcome for You and Your Creditors

If your business is in trouble, we provide tailored advice and clear guidance so you can make confidence decisions about the future. At Revive Financial, we will support you through the Company Liquidation process on the Sunshine Coast.

Our team consists of Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Turnaround Specialists and Financial Advisors. We have over 43 years of combined experience in helping retailers and technology businesses in Queensland and a number of other Sunshine Coast-based companies through the Liquidation process.

Is Company Liquidation the Right Solution for You?

To find out, get in touch with our Sunshine Coast team today for a free 30-minute consultation on 1800 861 247.

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