What is a Statutory report?

A creditors report is a statutory report which must be prepared and issued to creditors within 3 months of the liquidation of a company. The creditors report will contain both financial and non-financial information.
The purpose of this report is to provide creditors with:

 

  • Details of the estimated assets and liabilities of the Company;
  • Details of the inquiries the liquidator has made relating to the winding up of the Company to date;
  • Details of further inquiries the liquidator intends to make relating to the winding up of the Company that may need to be undertaken;
  • Details of what happened to the business of the Company;
  • An update on the progress of the liquidation;
  • Details on the likelihood of creditors receiving a dividend before the affairs of the Company are fully wound up; and
  • Details on the possible recovery actions.

 

A copy of the report must be lodged with ASIC. You can obtain a copy by paying a relevant fee and searching the ASIC registers or if you are a creditor the liquidator will provide it free of charge.

Other reports

The liquidator must also prepare and submit a confidential report with ASIC but this report will not be released to creditors.

Requests for information

Creditors can also request for information to be provided from time to time as along as the requests for information are reasonable requests. The liquidator must provide the information within 5 business days.

If you, as a director of an insolvent company, have decided to initiate a voluntary wind up of your company, you have the option of selecting a liquidator of your own choosing. To better understand of the liquidation process, call Australian Company Liquidations today on 1800 731 155 and we will start your liquidation within 24 hours.