Creditors meetings give liquidators a way to: keep the company’s creditors up-to-date about the liquidation seek creditor approval/guidance on various matters (or as required by law). For a creditors’ voluntary liquidation, a creditors meeting needs to be convened within 11…
So you’ve read up on how to choose the right Liquidator, spoken to one, and determined that liquidation is the best option for your company. What happens next? That’s where we can help. We’ve developed a simple system for winding…
Debt Recovery and Corporate Insolvency Processes A creditor can recover money owed by a company in a number of ways. And as a Director you need to know your rights and obligations if those debt collection processes expose your company…
The Liquidation Process: how and why they are appointed and what they do. A company begins the Voluntary Liquidation process when its owners and shareholders agree: it’s insolvent (i.e.the company can’t pay its debts when they’re due) there’s little chance…
Some operators sell “low-cost” liquidation without telling you how a Liquidator actually gets paid. Here’s the information you need to make the right decision. How is a Liquidator Paid? How a Liquidator is paid for liquidating a company will depend…
Let us clear up why business liquidation is the right decision... If you’re wondering if you should even bother liquidating your company, here are some very good reasons to do it: 1. You can avoid the risk of breaching your…
If your company is experiencing a cash flow or liquidity crisis, you need to consider whether it can still pay its debts when they become due. If it can’t, then your company may be insolvent. Section 588G of the Corporations…
So why would you risk hiring an unqualified Insolvency Expert or Liquidator? Some faceless operators try to sell liquidations to vulnerable people by charging a fee for unqualified (and usually poor) advice, then paying some Liquidator a portion of that…
Your duties as Director are usually to your shareholders. However, if your company is insolvent (or may be insolvent in the near future) those duties expand to include creditors such as trade creditors, the Australian Tax Office (ATO), banks and…
If a company owes you money, taking an interest in its liquidation may help you secure a better financial return. The recent Australian Federal court case[1] highlighted why it’s important for creditors to participate in the liquidation process instead of…
