Australian Company Liquidations (ACL) are the leading experts in company liquidations. Experienced professionals in the field, ACL focuses solely on liquidation, which has allowed us to perfect our efficiency, effectiveness and customer service to ensure that your company’s liquidation case is carried out as smoothly as possible.
Here at ACL, we understanding your liquidation options may prove to be a difficult task. That is why we have done the hard work for you, breaking down the various types of company liquidation so that you may better understand select your best-suited option.
What is Liquidation?
Company liquidation is the formal process of officially ceasing a company’s operations and oversee the liquidation process.
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Voluntary Liquidation
Voluntary liquidation occurs when a company willingly decides to place its company into liquidation. Choosing to liquidate presents the company directors with some advantages, including the ability to choose the liquidator who manages your case rather than being appointed one by another interested party. A voluntary liquidation requires a decision to be made, and then its shareholders.
Members Voluntary Liquidation
A Members Voluntary Liquidation (MVL) is the formal method for winding up a company that is still solvent. An MVL requires that the company is able to pay all of its debts in full and that all of its tax lodgements are up to date.
Creditors Voluntary Liquidation
If your company is insolvent, then it needs a Creditors Voluntary Liquidation (CVL), which is the official name for the voluntary liquidation of an insolvent company (as described above). Although the name suggests that it is the company’s creditors who instigate the liquidation process, it is actually initiated by a resolution of the company’s directors and shareholders.
Official Liquidation
Sometimes referred to as a Court Liquidation, an Official Liquidation takes place when a company is taken to court and its assets disposed of by a liquidator of the creditor/s’ choosing.
Provisional Liquidation
In urgent cases involving assets that may be at risk, an applicant can go to the Courts and assess the position of the company; they will then recommend an appropriate outcome or resolution to the Court.
For more information on the various methods of company liquidation, or for further advice on the available options for your insolvent company, contact our 24 hour a day, 7 days a week liquidation hotline on 1800 981 070.