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:
Creditor engages a solicitor to issue letter to recover debt
Creditor’s solicitor issues Statement of Claim and obtains Judgement from the Court
The Company did not pay, Creditor issues Statutory Demand if the Debt is over $2,000
After 21 days, the Company did not respond, lodge Winding Up Application within 3 months
The Court hears the Case and is satisfied the Company is insolvent
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.
The main tasks of a Liquidator in Official Liquidation are to:
We are experienced, fully qualified and registered Insolvency Practitioners.
Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.
We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.
A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issue a
Director Penalty Notice.
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.
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.
I am involved in the building industry as a subcontractor and when the builder failed to pay me it destroyed my cashflow and my business. Crossroads provided me with the alternatives and the likely consequences of each action and I was able to move forward with my business.
Warren Z.
When my company’s property development project failed to obtain a DA approval, with $3 million owning, CrossRoads pointed out that Liquidation was the most practical way to go. Dealing with them is easy and efficient and I recommend them highly.
James C.
I had engaged CrossRoads to liquidate my kitchenware shop in Westfield and the staff was always available to answer my questions. They went above and beyond to make the whole process easier for me. Great assistance for a reasonable price.
Sharon C.
Our engineering company was placed into liquidation by mistake. Marc and the team spent time listening to us to better understand our situation, they assisted us in negotiating with the Liquidator and terminating the liquidation. We finally got our company back and started operating again. I would definitely recommend their services.
Michael T.
My restaurant was losing over $30,000 per month. I was stressing out with all the unpaid bills and my suppliers were chasing me for payment. The team at CrossRoads advised me of my options and helped me to place the company into Liquidation on the same day. I am so thankful for their services and I can finally breathe again.
Ellen W.
