The Six Stages of the Liquidation Process

1. Assess the Company’s Financial Position

Before Liquidation begins

Directors review the company’s financial position and determine whether the company is insolvent.

2. Appoint a Liquidator

At the start of the Liquidation

Shareholders appoint a registered liquidator to manage the creditors’ voluntary Liquidation.

3. Provide Company Records

Shortly after appointment

Directors and shareholders complete the required documents and provide the company’s books, records and ROCAP.

4. Assess Assets and Liabilities

During the Liquidation

The liquidator reviews the company’s assets and liabilities, reports to creditors and considers any investigations or recovery actions.

5. Realise Assets and Distribute Proceeds

As assets are realised

Company assets are sold and converted into funds. Available funds are then distributed to creditors according to legal priority rules.

6. Deregister the Company

At the end of the Liquidation

Final reporting and ASIC lodgements are completed before ASIC deregisters the company.