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Official Liquidation - Cross Roads Insolvency
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Official Liquidation

Official Liquidation occurs when one of Company’s creditors apply to the Court to wind up the Company. This generally takes place in the following steps:

Asset 2

Creditor engages a solicitor to issue letter to recover debt

Asset 3

Creditor’s solicitor issues Statement of Claim and obtains Judgement from the Court

Asset 4

The Company did not pay, Creditor issues Statutory Demand if the Debt is over $2,000

Asset 5

After 21 days, the Company did not respond, lodge Winding Up Application within 3 months

Asset 6

The Court hears the Case and is satisfied the Company is insolvent

Asset 7

 The Court makes Winding Up Order and appoints a Liquidator

Often in certain cases, the creditors will be advised by their solicitors to commence from Step 3 issuing a Statutory Demand for strategic reasons.

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The main tasks of a Liquidator in Official Liquidation are to:

 

  • Take possession, preserve and realise the Company’s assets
  • Investigate and report the affairs of the Company
  • Investigate and report the reasons for the Company’s failure
  • Investigate and recover possible Voidable Transactions
  • Investigate and recover possible Insolvent Trading Claims
  • Distribute the funds to creditors in accordance with the Corporations Act
  • Finalise and De-register the Company

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We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.

Are You Issued With One Of These Notices

Have you been issued With One Of These Notices

Are You Issued With One Of These Notices
Director Penalty Notice (DPN)

A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issue a
Director Penalty Notice.

Statutory Demand

A creditor can apply to the Court to obtain Order to Wind up the Company if a Statutory Demand has not been responded to within 21 days.

Winding up Notice

Action is required at once if your Company is issued with this Notice, otherwise, this may lead to serious consequences for both the Company and Director.

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