In this section, Australian Company Liquidations provides the latest news and tips in business insolvency and liquidations.
What Happens to Proceeds When a Company Enters Liquidation?
What Happens to Proceeds When a Company Enters Liquidation? For creditors and the liquidator, one of the key concerns is what will happen to the money and the order of priority the debt is paid. If you are a creditor of a company entering into liquidation, you will be monitoring the process to ensure that you are receiving all payments owed. If you are a director, you will be aware that the liquidator can assist you distribute the proceeds. Liquidation:
READ MORENew Small Business Insolvency Reforms from 1 January 2021
New Small Business Insolvency Reforms from 1 January 2021 On 24 September 2020, the Treasurer announced the largest insolvency reform in 30 years for small businesses. The legislation — Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth), was recently passed by Parliament and came into effect on 1 January 2021. The legislation had three main components: 1. Small Business Restructuring; 2. Simplified Liquidation for Small Businesses; and 3. Further Measures. In brief, Small Business Restructuring was introduced to help eligible
READ MORECOVID-19 Insolvency Relief ending on December 31st
COVID-19 Insolvency Relief ending on December 31st As suppliers and creditors, there is nothing more frustrating than chasing your customer for payment of goods or services you have provided in good faith and then receiving notification from an insolvency practitioner that they have been placed into Receivership, Voluntary Administration or Liquidation. The temporary COVID-19 relief measures announced by the Government on the 25th of March 2020 which were extended to 31st of December 2020 made the recovery of debts even
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