COMPANY LIQUIDATION NOOSA

Company liquidation is the formal process of ‘winding up' an insolvent company. The process includes realising the company's assets, ceasing or selling operations, distributing the realisation's proceeds among creditors and distributing any surplus among shareholders. Liquidation is often associated with insolvent companies that need to be dissolved, but the process can be applied to both insolvent and solvent companies. The process involves appointing an independent and suitably qualified person (the liquidator) to take control of the company so that its affairs can be wound up in an orderly and fair way for the benefit of all creditors... In a creditors' voluntary liquidation, the liquidator must hold a final joint meeting of the creditors and members to give an account of how the company liquidation has been conducted and of how company property has been disposed. After the final meeting is held, the company is automatically deregistered by ASIC three months after a notice of the..

Also known as: Company Liquidation