Liquidation is the process whereby the assets of a corporation are realised in an orderly manner and the proceeds distributed among creditors of the company in satisfaction of their claims against the company. Any surplus funds are returned to members. On finalisation of the liquidation process, the company is deregistered and consequently ceases to exist.

Generally, a controller will be appointed by a secured creditor under the provisions of a charge or mortgage and can include Receivers, Receivers and Managers or Agents for the Mortgagee.

Part X of the Bankruptcy Act provides a process by which a debtor may make a proposal to their creditors which they consider and vote upon at a formal meeting. It is an alternative to bankruptcy.

If a person (the "debtor") is unable to pay their debts and cannot come to suitable repayment arrangements with their creditors, they may voluntarily petition to become bankrupt.

Creditors can also apply to the court to make the debtor bankrupt if they can satisfy the court that they owe them money above a minimum amount. Creditors must have already served a Bankruptcy Notice on the debtor to apply to the court to make such an order.

Our insolvency experience, is vast and there is no doubt we can assist in all insolvency related and commercial matters including:

Partnership and Shareholder disputes
Trustee under the Conveyancing Act
Court appointed Liquidations and Receiverships
Personal Insolvency
Family Law matters
Commercial common sense!

Contact us to arrange our immediate FREE initial consultation.