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Speak to one of our experts now for a free consultation. Enter your details below or call 1300 750 599.

Contact our Sydney Team

Level 12, 20 Bridge Street,Sydney NSW 2000
1300 750 599.

About your recovery partner

  • Accountants Daily
    Finalists, Fastest
    Growing Firm
  • AFR Top lOO
    Accounting Firms
  • CA and CPA
    Qualified
    Accountants
  • National Team
  • ASIC Registered
    Liquidators
  • ARITA
    Professional
    Members

Experts in Key Moments

At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators love to find solutions tor people facing financial difficulties. With experts located across all major Australian cities, we’re ready to help you in any situation, key team members you’ll work with.

Why choose MG?

  • Innovation

    Finding new, better ways to achieve successful outcomes is inherent in our DNA. We’re continually looking to innovate through technology, and in our forward-thinking. It’s what empowers our team to stay two steps ahead, and deliver.

  • Focus

    We never take a ‘one size fits all’ approach. We appreciate that each of our clients has specific needs and goals, so we tailor our plans accordingly. Focused at every moment. Honing in on the task at hand, the end result, and the best way to achieve it.

  • Action-oriented

    Reaching goals doesn’t simply take action. It takes positive action. Never ones to sit still, we remain proactive at all times. Always thinking ahead, we anticipate needs and pre-empt issues before they arise. Putting our clients on the front foot, with us by their side.

  • Understanding

    We know what a difficult time this is. Not just on a business level, but on a personal one, too. So although we may work in finance, we appreciate that people are infinitely more than numbers. And we treat everyone as individuals with respect and understanding.

What is liquidation?

Liquidation is a suitable option to wind down the operations of a company in an orderly way, ensuring assets are appropriately and legally distributed. It minimises the impact of insolvent trading and gives shareholders, creditors, and directors the opportunity to have an independent expert investigate and manage the liquidation. If you are based in Sydney and considering liquidation as an option, our expert team at Mackay Goodwin can help you understand the process.

How do I know if it’s time to speak to a professional?

There is no time like the present to prepare for tomorrow. If you are experiencing one or more of the below indicators, get in contact with our restructuring experts today.

The first step is the hardest. The next steps?

Although liquidation is an important option that business owners should keep in mind, it isn’t the only option.
We will explore all options for your business. They may look like:

Company liquidation FAQ

In the process of company liquidation, the order of priority for payment is as follows:

Secured Creditors

At the forefront are the secured creditors. These are parties that hold legal claims over the company’s assets, often due to agreements like mortgages or charges. They also have the right to appoint a receiver if the company fails to meet its debt obligations. This receiver is responsible for selling off specific assets or the entire asset pool to settle the outstanding debt.

Priority Creditors

Following secured creditors, we have priority creditors. This group mainly includes employees and individuals who, by law, have a privileged position to receive payment before others during the liquidation process.

Unsecured Creditors

Lastly, unsecured creditors come into play. These are entities without specific claims on the company’s assets. This group encompasses trading partners, as well as institutions like the Australian Taxation Office (ATO). Once the claims of secured and priority creditors are met, unsecured creditors might have a chance to recover funds, often distributed as dividends.

At Mackay Goodwin, our team will help you negotiate deals with creditors while following all the required laws and regulations to get the best deal.

At Mackay Goodwin, we have a team of registered liquidators to assist your business during this difficult time. If you’re thinking of liquidating your business, speak to our experts on 1300 750 599.

For directors and shareholders unable to fund any payable liabilities of insolvent companies, choosing to liquidate is the best way to ensure assets are fairly distributed to creditors by an independent external expert, and in a controlled and orderly way.

There are many reasons why an insolvent company should seek liquidation:

  • Reduced Expenses: Apart from the initial expenses, there are minimal to no charges. The fees of the authorised liquidators are derived from the proceeds of company assets once they prove to be adequate.
  • Eases the Burden on Company Leadership: from the prospect of insolvency-related trading, which includes minimising the financial ramifications of continuous trading on staff and other potential creditors who might not receive their dues.
  • Address Your Director Penalty Notice (DPN): In the event that you have obtained a DPN, you could bear personal responsibility for the company’s debts if you fail to take action within the specified timeframe. One approach to resolve your DPN is to initiate the process of liquidation.

Meet the Sydney Team

Gavin King

Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy Trustee

Sydney

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Gerard Walz

Financial Accountant

Sydney

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Gavin King

Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy Trustee

Sydney

Read More

Gerard Walz

Financial Accountant

Sydney

Read More

Gavin King

Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy Trustee

Sydney

Read More

Get in touch

Speak to one of our experts now for a free consultation.
Enter your details below or call 1300 750 599.

x

Get in touch

Speak to one of our experts now for a free consultation.
Enter your details below or call 1300 750 599.