Creditors Voluntary Liquidation
A creditors voluntary liquidation occurs when the shareholders of a company resolve to liquidate the company because the company has debts that it cannot pay (i.e. it is insolvent).
A creditors voluntary liquidation is ordinarily undertaken as a last resort for a company that does not have any other viable alternative options. In many instances liquidation could have been avoided if professional advice had been sought earlier and intervention taken at that time.
The role of the liquidator of the company includes, but is not limited to:
- Taking control and realising all of the company’s assets
- Investigating the affairs of the company and the conduct of its officers
- Distributing the surplus assets of the company to its creditors in order of priority
Dye & Co. Pty Ltd is very aware of the impact a creditors voluntary liquidation has on all its stakeholders and the collective experience of its directors in administering creditors voluntary liquidations will ensure that the process is efficient, thorough and timely, benefitting all stakeholders.
For any queries regarding creditors voluntary liquidation, what the process entails, how it will impact you or your client’s company and whether other options are available to you, please call our directors on 03 9818 8800