Why You Should Appoint a Liquidator Voluntarily
When your company is insolvent, you have several options of how to proceed with a liquidation. There are necessary steps you must take into consideration to properly follow. One of these processes is finding a liquidator.
Unless you prefer to have your liquidation planned by your creditors and ordered by the Court, you can choose your own liquidator. The option of appointing your own liquidator is only available if your creditors haven’t applied to court. If your creditors have already applied to court, then it is too late and you will need to work with the court appointed liquidator. Most people like to plan their liquidation carefully and find a registered liquidator who they feel comfortable withing with.
Choosing a liquidator can also be based on recommendations from accountants and lawyers who have experience in the insolvency industry.
We have registered company liquidators who have had more than 30 years experience in the ins. Call us today to book an appointment.
At Australian Company Liquidations, we pride ourselves on providing high quality customer service. For more information, call our office on 1800 981 070.
As a director of a company that goes insolvent, you may think that it would have various impacts on your ability to obtain credit. Whilst there may some implications involving you if your company does go into liquidation, it’s not as bad as it may first appear. Below is some important information you should know before proceeding with a company liquidation.
If you are a director of a company that becomes insolvent, a record of the company liquidation will be recorded on your personal credit file whilst the liquidation is still being completed. This information can be accessed by lenders when they do a background check on your credit history.
Whilst this does sound ominous, it’s important to remember that a company is a separate legal entity. As a director, you may not be directly liable for your company’s debts. A company liquidation is not the same as a personal bankruptcy and does not leave the same mark on your credit file, thus it does not prevent you for obtaining a personal loan like bankruptcy does.
Once the liquidation has been finalised, the record of the liquidation should then come off your personal credit file or it will be marked as finalized. If you need to obtain personal finance whilst the liquidation is still being completed and the liquidator has not identified any claim against you, then most liquidators will provide a letter to assist with your finance application.
If you would like to learn more about the impacts of a company liquidation and which path is best for you it is best to consult a registered liquidator. Our friendly and registered liquidators can help you do that and assist you through each step of the way. We offer a FREE initial consultation and expert advice. Please contact us on 1800 981 070 now to learn more about your options.