WHAT ARE THE STEPS INVOLVED IN LIQUIDATING A COMPANY?

Here at ACL we have broken down the long and complicated process of a liquidation into 14 easy steps.

  1. Liquidator to lodge documents with the Australian Securities and Investments Commission to commence the liquidation.
  2. Liquidator to issue letters to all stakeholders of a company informing them of the appointment.
  3. Director to fill in and return a Report on Company Activities and Property, and deliver all books and records.
  4. Liquidator to issue an Initial Report to Creditors within 10 business days after the date of their appointment as a liquidator.
  5. Liquidator to issue a Statutory Report to Creditors within 3 months after the date of their appointment as a liquidator.
  6. Liquidator to lodge returns with the Australian Taxation Office for transactions entered into by the company.
  7. Liquidator to realise all available assets of the company.
  8. Liquidator to undertake investigations into the affairs of the company.
  9. Liquidator to lodge a Report under Section 533 of the Corporations Act 2001 with the Australian Securities and Investments Commission (ASIC) detailing the liquidator’s findings.
  10. Liquidator to declare a dividend if there are sufficient funds available.
  11. Liquidator to obtain clearance from the Australian Securities and Investments Commission to finalise the liquidation.
  12. Liquidator to issue a Final Report to Creditors.
  13. Liquidator to lodge final return with the ASIC.
  14. Liquidator to write to the director and the Australian Taxation Office informing them of the finalisation of the liquidation.

If you would like to know more about the steps involved in liquidating a company, please call Australian Company Liquidations on 1800 731 155.

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