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Company Liquidation Sydney

Take a break from your company's financial stress, Liquidate fast and get back on your feet

Company Liquidation

Find Financial Relief in Liquidation

The purpose of Company Liquidation of an insolvent company is to have an independent and suitably qualified person (the appointed Liquidator) take control of your company so its affairs can be wound up in an orderly and fair way to benefit all parties involved. This specifically involves realising your company’s assets, sale of its business, distributing the proceeds to your creditors and distributing any surplus to your company’s shareholders.

If your business is facing difficulties, it can be hard to work out where to turn for the best advice. At Revive Financial, we understand if your Sydney-based company is under attack from creditors it can lead it anxiety, stress and sleepless nights. Taking the first step in the Company Liquidation process may begin to ease the worry. Our experts will make the entire procedure as smooth and hassle-free as possible.

Types of Company Liquidation in Sydney

There are three types of Company Liquidation which may be applicable if your business is facing financial trouble, is insolvent (or soon to be insolvent) and you are seeking to liquidate your company’s assets.

1. Creditors Voluntary Liquidation.
2. Members Voluntary Liquidation.
3. Court Liquidation.

Role of the Liquidator in the Company Liquidation Process

The Liquidator who is appointed to your Sydney-based company is required to act in the interests of your company and its creditors. Their role is to:

  • Identify, collect and sell the assets of your company,
  • Advise your creditors and other parties of the Liquidator’s appointment and respond to their queries,
  • Investigate your company’s affairs to identify – and if commercially viable – pursue claims against the directors and various parties in respect of insolvent trading, uncommercial transactions, unfair preference claims and other claims available to the Liquidator,
  • Report to your creditors on their findings and distribute a dividend to creditors if there are sufficient funds recovered to do so,
  • Complete various statutory reports and lodgements with ASIC regarding the director’s conduct and other matters, and
  • Once all matters have been finalised, request ASIC to deregister your company.

Company Liquidation Can Protect You

Company Liquidation is commonly chosen by the director/s of a company to protect them from insolvent trading, receiving a Director Penalty Notice from the ATO, receiving a wind-up notice from a creditor and to bring the company to an end.

Wind-up Notice

A wind-up notice, officially called a ‘notice of application for a winding up order’, is a serious document sent by a creditor (usually to ATO) to your company when you have failed to pay your debts. Its aim is to advise you that they have applied to court to begin legal proceedings to wind up your business.

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Insolvent Trading

Insolvent trading occurs when your company is unable to pay its debts when they fall due but continue to incur further debt. You must ensure your company is solvent prior to incurring additional debt, as insolvent trading is illegal and has serious consequences such as becoming personally liable for the unpaid debts.

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Director Penalty Notice

A Director’s Penalty Notice is a notice served to your company when you don’t comply with your PAYG and superannuation obligations. If you do not pay your outstanding PAYG and superannuation debts, you could become personally liable, risk a fine or imprisonment.

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We Recognise Every Business is Unique

At Revive Financial, we understand the thought of Company Liquidation can be confronting, frightening and incredibly stressful. It is a complicated process and if done incorrectly, can have devastating results on your company and your business’ future. We know the importance of taking care of your company throughout the entire Liquidation process. That’s why our business Liquidation advice is based on your company’s individual circumstances Our aim is to give you peace of mind that whatever our experts suggest, it will be the best possible option for you. If that option is Liquidation, we will ensure the process is managed professionally, quickly and affordably so you can get back on track with your life as fast as possible.

You Can Count on Revive Financial for a Fast, Hassle-Free Liquidation Service

If your company is financially unviable, it’s beneficial to have experienced Liquidators on your side. Our team consists of Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Turnaround Specialists and Financial Advisors. We have been helping construction companies, property developers in New South Wales and a number of other Sydney-based companies with Liquidation for over ten years.

The end goal is for you to be able to move on to new opportunities, knowing that the plan for your existing company was the right option and that it has been managed properly.

Is Company Liquidation the Right Solution for You?

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

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