x

Get in touch

Speak to one of our experts now for a free consultation. Enter your details below or call 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
data.wpPage.liquidationLandingPageOptions.testimage.altText

Extremely helpful in a very confusing and uncertain time

- Matty Bicket

What is liquidation?

Liquidation involves winding up the financial affairs of a company as well as selling off it’s assets to, if possible, fully, or partially repay debts. The process includes dismantling the company’s structure in an orderly way.

Sometimes the best option is to close your business. When the business is longer viable, or it’s simply time to close the doors, we’ll guide you through the process, offering support every step of the way. Engaging with experts early ensures best outcome for you, and your employees. Allowing you the opportunity to move forward as soon as possible.

How liquidation can help you

Cost-effective method of winding down your business

Put an end to hassling calls from creditors

Reduce stress and pressures from financial challenges

Solve your Directors Penalty Notice (DPN)

Your Liquidation Options

Get back on track in three easy steps.

1. Talk to Us

Submit your
enquiry to our team
of experts

2. Understand the
process

Together, we will talk
you through each step
of liquidation.

Contact us

3. Reduce your
stress

Understanding the weight
of financial stress. We strive
towards a smooth, fast liquidation,
so you can focus on your next step.

Contact us

Liquidation FAQs

In most cases, NO, you are not liable for unsecured debt with creditors including the ATO – the debt goes with the business. There are some expectations such as Super and potentially PAYG with the ATO, depending on you history of lodging BAS’s. You of course also need to be aware of any Bank debt you have that may be secured or guaranteed by you personally, and leases and/or personal guarantees for other debt such as a vehicle.

The short answer here is YES. You can be a director of another company now or in the future but there are occasions where ASIC can ban an individual from being a director. This happens if someone has been a director of a number of failed companies or been found guilty of wrongdoing in the past.

Employees are one of the major parties impacted when a company goes into liquidation. Not only do they lose their jobs, but there is also a major concern with respect to getting paid for work that they have already done. This is not even considering any entitlements that they may be owed. As per legislation, employees are entitled to unpaid wages, superannuation, leave, and retrenchment. Learn more about what happens to employees when a company goes into liquidation

As mentioned above, employees are entitled to unpaid wages, superannuation, leave, and retrenchment. There are two major issues for employees; the amount of money collected from the sale of assets is insufficient and their position in the priority order of being paid. In many instances there is little or no remaining funds for employee entitlements. To address this issue, the Australian government introduced the Fair Entitlements Guarantee (FEG). Under the FEG, employees may be able to claim the following:

  • Unpaid wages for up to 13 weeks
  • Annual leave and long-service leave
  • Payment in lieu of notice for up to five weeks
  • Redundancy pay for up to a maximum of four weeks per year of service.

There is no defined time limit on liquidation and the process lasts as long as required. This is the case as some liquidations may involve court proceedings that are lengthy and time consuming. Despite this, as part of their legal obligations, the liquidator must complete the task in a timely and cost-effective manner. The liquidation is finalised when the liquidator distributes any surplus funds in priority order and submits their final report to ASIC. The company will finally be deregistered and the liquidation process complete.

Take a deep dive into the insights of liquidation.

Guide to Liquidation

You may have clicked on this article, unsure if entering liquidation is right for you and your business.  Many people are surprised to discover that even profitable, thriving corporate businesses may choose to enter liquidation. But what does it actually mean when a business is placed into liquidation and why would a thriving business choose… Continue reading Guide to Liquidation

Read More

Members’ Voluntary Liquidation Explained

When a solvent company permanently stops trading and shuts down, it begins the process of Members’ Voluntary Liquidation, a formal process that allows a solvent company to wind up affairs. Many businesses opt for this option, and in this article, we’ll explore the various benefits involved and the steps that company’s need to take in… Continue reading Members’ Voluntary Liquidation Explained

Read More

Business Liquidation – What does it mean?

Many people are surprised to discover that even profitable, thriving businesses may choose to enter liquidation. But what does it actually mean when a business goes into liquidation and why would a thriving business choose this as their path?

Read More

Meet the people in your team

At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators are experts at finding solutions for people facing financial difficulties. Located across all major Australian cities, we’re ready to help you in any situation.

Edwin Narayan

Director & ASIC registered Liquidator

Sydney

Read More

Abby Xu

Senior Analyst

Sydney

Read More

Ramina Ahmed

Analyst

Melbourne

Read More

Edwin Narayan

Director & ASIC registered Liquidator

Sydney

Read More

Abby Xu

Senior Analyst

Sydney

Read More

Ramina Ahmed

Analyst

Melbourne

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.