Company liquidators are responsible for overseeing and conducting the entire process of liquidation. Their role is critical to ensuring the most cost-effective outcome for all parties involved. Liquidators are required to act in an independent and impartial manner whilst winding up the affairs of a company, as bias is regarded as a very serious matter by the courts.
Company liquidators are responsible for the distribution of assets of the company, as well as any surplus monies, to the company’s creditors. The role of the liquidator also entails thoroughly investigating the financial affairs of the company and reporting any wrongdoings, such as potential claims for preferential payments and trading while insolvent.
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The findings of the company liquidator must then be reported to the Australian Securities and Investments Commission (ASIC) as well as all affected creditors. After a clearance has been received by ASIC, the liquidator can then proceed to finalise the company’s winding up process.
If you, as a director of an insolvent company, have decided to initiate a voluntary wind up your business, you have the option of selecting a liquidator of your own choosing. Australian Company Liquidations (ACL) is a team of highly skilled and licensed company liquidators. With ACL, your company can begin the process of liquidation within 24 hours of you contacting us, provided you give us all the necessary information.
To better understand the role of company liquidators or the liquidation process, call ACL today on 1800 731 155.