Liquidation Australia
Click on the links to find out about:-
Creditors
Voluntary Liquidation - Insolvent Company
Official (Court) Liquidation
- Insolvent Company
Members Voluntary Liquidation
- Solvent Company
Creditors Voluntary Liquidation - Insolvent Company
A Creditors Voluntary Liquidation is initiated
by the company when it realises that it is insolvent or likely to
become insolvent, ie. not able to pay its debts as and when they
fall due.
This process involves the members resolving
by special resolution to appoint a Liquidator and placing the company
into Liquidation. Jamieson Louttit is a Registered Company Liquidator
and can assist in and/or undertake all aspects of a Creditors Voluntary
Liquidation including:
- Preparation of all minutes of members
meetings and all other necessary documentation.
- Convening of the meeting of creditors.
- Realising all of the company's assets
and pursuing other recoveries.
- Investigating the affairs of the company.
- Distributions to creditors. Any surplus
funds will be distributed to members.
The powers, duties and responsibilities of a Liquidator
in a Creditors Voluntary Liquidation are effectively the same as
for a Court Liquidation.
Upon finalising the Liquidation, the company will
be deregistered and cease to exist.
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Official (Court) Liquidation - Insolvent Company
In certain circumstances the Court may order that
a company be placed into Liquidation.
The failure of a company to pay a debt is the most
common ground for an application being made to the Court for a winding
up order. Although this application is usually initiated by a creditor,
other classes of person also have standing to apply for a winding
up in insolvency.
It should be noted that generally a company will
be presumed to be insolvent where a demand for payment of a judgment
debt, or an undisputed debt has been served on a company and the
company refuses to or cannot pay that debt.
Jamieson Louttit is an Official Liquidator of the
court and may be appointed by consent of the creditors who are seeking
to place a company into Liquidation. He will undertake all aspects
of the Liquidation including:
- Convening of the meeting of creditors.
- Realising all of the company's assets
and pursuing all other recoveries.
- Investigating the affairs of the company.
- Distributions to creditors. Any surplus
funds will be distributed to members.
On finalising the Liquidation, the company will
be deregistered and cease to exist.
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Members Voluntary Liquidation - Solvent Company
Please click Members Voluntary Liquidation to find more information on this subject.
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