Court Liquidation
A final, fair and orderly solution.
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A court liquidation allows for a methodical approach to winding up a company and bringing its affairs to an end.
When a business cannot pay its debts, creditors, company members and other interested parties can seek a court liquidation to remove the control from its directors and shareholders, and replace them with an independent liquidator. Once appointed, the McGrathNicol liquidator will ensure that the appropriate investigations are undertaken, and the best possible outcome is achieved for all interested parties.
Our team understands the impacts of insolvency and how this is detrimental to all parties. We assist with:
locating and selling company assets
investigating director conduct and reporting misconduct to the regulator
identifying and pursuing any legal claims that may recover funds
distributing funds to creditors in the order required by law.
Monies are returned to unsecured creditors by dividing those funds in proportion to the value of their claims so that all unsecured creditors will get the same rate of return. Court liquidation provides a final, fair and orderly solution for instances where a company cannot pay its debts.
Our experience
My Wealth Adviser Pty Ltd
The financial services provider had ceased trading with a number of determinations outstanding from the Australian Financial Complaints Authority in response to complaints raised by former clients. We were appointed Liquidators by the court at the application of ASIC. Our investigations included a reconstruction of the general ledger account to assess events leading up to the liquidation. We also assisted claimants with unpaid determinations to seek claims against a government established compensation scheme.
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