In a Court Liquidation, a Liquidator is appointed by an Order of the Court, usually after an application commenced by a creditor.
The Liquidator’s role is to:
- Realise the assets of the company
- Make inquiries and conduct investigations into the past affairs of the company in order to ascertain the causes of its demise, pursue recoveries in relation to insolvent transactions and insolvent trading offences, and report findings to the Australian Securities & Investments Commission
- After the costs of the liquidation, and subject to the rights of any secured creditor/s, pay dividends to the creditors of the company, first to priority creditors (including employees) and then to unsecured creditors
For more information, see the following information links prepared by the Australian Securities & Investments Commission:
To speak with us further regrading whether a Court Liquidation may be appropriate in your situation, please contact us on 08 9215 7900 for a cost and obligation free consultation.