THE ROLE OF THE DIRECTOR

WHAT WILL BE MY OBLIGATIONS TO THE LIQUIDATOR?

MUST READ

If you are a director of a company and it goes into liquidation, you have obligations to the appointed liquidator. These obligations include, but may not be
restricted to:

  • Attending the first meeting of creditors;
  • Providing a Report as to Affairs to the liquidator;
  • Providing the company’s books and records to the liquidator;
  • Attending to any request from the liquidator.

If you would like to further understand what your obligations to the liquidator will be, call Australian Company Liquidations on 1800 731 155.

WHAT IS THE ROLE OF THE LIQUIDATOR?

The role of the liquidator is to conduct and oversee the entire process of liquidation. Specifically, his/her responsibilities include:

  • Acting in an independent and unbiased manner
  • Winding up the affairs of the company in a cost effective and expeditious manner
  • Realising and distributing the assets of the company
  • Distributing any surplus monies to the company’s creditors
  • Investigating the affairs of the company andreporting any wrongdoings such as potential claims for preferential payments and insolvent trading
  • Reporting these findings to creditors andthe Australian Securities and Investments Commission (ASIC)
  • Finalising the liquidation following clearance from ASIC

To learn more about the role of the liquidator, call Australian Company Liquidations now on 1800 731 155.

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