Accounting Services - Liquidation

What is liquidation?

A business may be liquidated if the owners decide to cease operations, or there is a cash short-fall and the entity is unable to pay creditors.

Liquidation involves drawing to a close all of a company's dealings, so that the business operations can be shut down. Assets are turned into currency, and subsequently used to settle any liabilities. Once all creditors' debts etc. have been settled, the remaining money, if any, is disbursed to stakeholders of the business.

Who is a liquidator?

A liquidator is an accountant who is specifically skilled in the liquidation process - these are the people that will carry out the liquidation of your company. They must be either registered with ASIC or the Courts.

Important liquidation notes:

• During the liquidation process, a company can still operate; though only if the liquidator deems it in the best interest of creditors

• The liquidation process has no time limit - it will go for however long it is required.

• The liquidation process is over once: it's no longer on ASIC's company register; there is a court order to dissolve the company - brought about by the liquidator; or the court stops/settles the closing down of the entity.

If your business is in need of a liquidator who is also interested in the welfare of your business, please do not hesitate to contact us and arrange for a FREE 30 min consultation with our Principal, Michael Quinn - a practising lawyer and chartered accountant. Contact us now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.

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As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.

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