According to the law, a company is insolvent when it cannot pay its debts. It is illegal to operate a company that is insolvent or continue to trade and make purchases from creditors. Company Liquidation goes through a process called “Winding up”. During this process assets are sold or auctioned to recoup some of the monies owed, which could help pay creditors.
In this event, A Liquidator is appointed who will then take control of company related affairs. He/she then attempts to pay out its creditors in a fair manner. This is an area that we specialise in and can assist you throughout the entire process.
WE ARE HERE TO HELP!
Brisbane Debt Solutions works closely with a number of professionals to help clean up loose ends before an individual or company goes into liquidation. We work with you through this process and take a lot of stress away from you so you can focus on the things that matter like trying to make more sales, organise a new marketing strategy or find a buyer for your company that can help take it to the next level.
There are concerning areas one must look into before going into liquidation:
Organize administrator / liquidator
Is a business still there – often companies can be restructured, this involves assets being valued and sold off to new company
Superannuation and PAYG
Possessions of the company including office furniture and fittings – asset depreciation schedules