Business Liquidation

Business Liquidation

Are you ready to liquidate a business?

Company Liquidation Sydney has a number of packages for businesses that need to be liquidated in Sydney.

We have identified the top 10 reasons for company and business liquidations:

  1. Company and business tax debts
  2. Cash flow problems
  3. High rent
  4. PAYG overdue
  5. Taxation payment plans
  6. Debtors not paying on time – causing cash flow problems
  7. Unable to meet payment plans
  8. Director’s guarantees
  9. Personal guarantees to suppliers
  10. Director’s penalty notices

If your business in Sydney is facing these issues then it is best to call Company Liquidation Sydney immediately and allow us to help you to navigate the company liquidation process. We will give you the guidance you need to make it through this challenging time.

Our team will help you to gain a strong understanding of the business liquidation process.

What are the different types of liquidation?

A liquidator manages the process of ending a company’s existence while overseeing the sale of the company’s assets.  If outstanding debts exist there will be proportionate distributions in order of priority and precedence of the liquidated assets.

  1. Official Liquidation– The application for liquidation is made to the court by creditors of the company. In order for official liquidation to commence, the creditor/s must verify to the court that the company is insolvent (unable to pay its debts as and when they fall due). The liquidation is initiated and an official Liquidator is appointed. The Liquidator will conduct thorough research into the financial affairs of the company in order to distribute these assets and ascertain whether or not illegal/improper activities have taken place.
  2. Provisional Liquidation– If the court considers that the assets or financial resources of the company may be at risk during the interim time that lapses between filing of the application and the time of the court hearing, a provisional Liquidator may be appointed to administer and exercise control of the company in order to protect the best interests of the creditors and higher-end distributions. Provisional liquidation will often be executed to ensure that creditors are compensated as close to full satisfaction of arrears as possible when the official liquidation commences.
  3. Creditors Voluntary Liquidation (CVL)– A CVL occurs when a business is no longer able to pay its debts as and when they fall due and the shareholders come to an agreement under a special resolution that the company is to be wound up. The company must be insolvent in order to perform a CVL. Once a company becomes insolvent it may be the only option to satisfy the debts in a feasible manner and without waiting for the liquidation to be appointed by the court, which would result in an official liquidation.  Company Liquidation Sydney can help you with Creditors Voluntary Liquidation.
  4. Members Voluntary Liquidation (MVL)– An MVL occurs when the company is solvent, and the directors/shareholders simply agree to cease trading of the company, wind up its affairs and liquidate the structure and assets to completely dismantle the company.  Call Company Liquidation Sydney today if you wish to pursue a Voluntary Liquidation.

Company Liquidation Sydney in Sydney

Company Liquidation Sydney is dedicated to helping resident of Sydney to successfully handle the liquidation process.

Company Liquidation Sydney is part of a national network of insolvency practitioners.  We are able to provide you with high quality financial services at a fair price.

We do not work for your creditors, we work for you.  We help you to gain a strong understanding of your situation so you are fully aware of all your rights and responsibilities during the liquidation.

There are severe penalties for breaching the laws surrounding liquidation, call us today and we can help you to take the right steps to ensure that you will be able to comply with the relevant laws.

So don’t wait any longer to get started on the liquidation of your business, liquidation must be taken seriously and our liquidation team can help you to approach your situation.

Call Company Liquidation Sydney now on 1300 60 70 60 and talk to a liquidation professional today