Liquidation Lawyer Gold Coast
When a company is unable to pay its debts, it may be regarded as insolvent. As an insolvent company, there are 3 options available; liquidation, voluntary administration, and receivership.
Liquidation is the legal process of winding up a company due to bankruptcy or to finalise the company as an entity. Because a company is a legal entity in its own right, it cannot be dissolved without an independent third party liquidator.
A liquidator is required to take control of the company’s assets, investigate the events and circumstances leading to the dissolution of the company, check on whether the company traded whilst being insolvent, report to creditors, and provide a fair distribution of the company’s property between creditors.
By appointing a liquidator, a company director can avoid personal liability under the Director Penalty Notice issued by the ATO.
If your company is facing financial difficulties and having trouble paying debts when they fall due, your company could be considered insolvent. A company may own assets that cannot be liquidated quickly.
A liquidator’s powers are laid out in the Corporations Act and gives the liquidator the same powers as the company director. Once a liquidator is appointed the directors no longer hold any authority over the business affairs or financial affairs of the company.
Although there is no time limit on how long a liquidation can take, it is the aim of a liquidator to wind up the affairs of a company as quickly as practically possible. The finalisation of liquidation is when the company is struck off ASIC’s register of companies, or when the company is dissolved by a court order.
Consulting a lawyer early may avoid a company being placed in liquidation by the ATO or a creditor
As a lawyer, I offer over 30-years’ experience working in civil law. I’ll offer you the most affordable rate for professional and expert legal services on the Gold Coast due to my low overheads. Unlike large law firms with staff and office premises, I work from my home.
As a lawyer with vast experience in company insolvency, I can ensure that the interests of the company’s creditors, directors and members are protected. I can provide professional liquidation services for all aspects of insolvency.
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