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
- Personal securities
- Superannuation and PAYG
- Possessions of the company including office furniture and fittings – asset depreciation schedules
- Refine debtors ledgers and arrange collections
- Business leases
- Staff arrangements including pay and FEG (GEERS)
- Directors loans to the company
- Directors borrowings from the company
- Creditors and Debtors of friends and family
- Cars and other assets
- Director credit reports
- Financial accounts
- Company tax debt
- Arrangements with the Australian Tax office
Company Liquidation Brisbane FAQ’s
What is company liquidation, and how can Brisbane Debt Solutions help in Brisbane?
Company liquidation is a formal insolvency process that involves winding up a company’s affairs and selling its assets to repay its debts. Brisbane Debt Solutions can provide experienced company liquidation services in Brisbane to assess the company’s financial position, manage the liquidation process, and distribute the proceeds to creditors.
What are the options for company liquidation in Brisbane?
The options for company liquidation in Brisbane include voluntary liquidation, court-ordered liquidation, and creditors’ voluntary liquidation. Brisbane Debt Solutions can provide advice on the most appropriate option for a company’s situation and assist with the preparation and lodgement of relevant forms.
What are the consequences of company liquidation for directors and creditors?
Directors may be personally liable for the company’s debts in certain circumstances, and creditors may receive only a portion of the amount owed to them. However, company liquidation can provide a mechanism for the company to wind up its affairs and for creditors to receive a return on their debts. Brisbane Debt Solutions can provide advice on managing the consequences of company liquidation for directors and creditors.