Company Liquidation is a common term used in insolvency management which is referred to as “Winding up” process. This involves a formal process where the company assets are liquidated for de-registering or closing the business.
Liquidation can be a confusing concept for those who do not understand the entire terminology of legal and financial aspects of their business. To understand liquidation better “Insolvent” is another term that you should understand while considering it. A company becomes insolvent if it has a number of creditors lined up and the business does not have enough funds to pay off its debts when they fall due.
Therefore, awareness of the financial state of your business is the most crucial as well as essential part of running a business as it determines the kind of liquidation the company will come into and the types of investigations the liquidator will embark.
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At Safeguard Insolvency, our team of the professional practised business advisors provide you with a free consultation to understand the nature of your business and associated insolvency. We ensure that we plan out customised end to end Financial Solutions designed as per the specific requirements of your business.
Creditors Voluntary Liquidation: This is an insolvency process when the company Members consider that company is insolvent or likely to be insolvent when it no longer can pay off its debts when they are due.
Court Liquidation: Official Liquidation, also referred to as “Court Liquidation”, is a Judicial appointment made by the court. The winding up is triggered by the court as per The notice by Creditors, directors, shareholders or ASIC. Once the proceedings commence the Creditors cannot take any legal action against the company until they have the consent approval from the court.
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