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Liquidation Help

Liquidation includes the way toward twisting up an organization's financial affairs in order to dismantle the company’s structure, attempt proper examinations and decently appropriate.

Liquidation of a company will occur when:

  1. The company was unable to pay all of its debts when they became due (namely the company was insolvent)
  2. The company members wanted to end the company’s existence.

A company can be wound up by either a resolution of its members at an appropriate meeting or by the court, for the most part on the application of more creditors of the company.

Once a company is placed into liquidation, a liquidator is appointed. The role of a liquidator is to:

  1. Find and protect the assets of the company.
  2. Realise the assets of the company.
  3. Explore the budgetary issues of the company.
  4. Make appropriate reports ASIC and creditors.
  5. Distribute funds to creditors.
  6. Circulate assets to shareholders, just if an overflow of assetsexists after the sum total of what lenders have been fulfilled; and Ultimately
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