About your recovery partner
Accountants Daily Finalists, Fastest Growing Firm
AFR Top lOO Accounting Firms
CA and CPA Qualified Accountants
ASIC Registered Liquidators
ARITA Professional Members
You're in uncharted waters
Like many businesses facing challenges, you’ve done everything you can. Don't give up. We'll help get you back on course.
Things have changed
You’ve worked hard to grow your business, but right now, the numbers look impossible. Find out how to adapt and come out stronger.
You need expert advice fast
You're looking for a trusted partner to guide you through options so you can overcome financial hurdles. We won't give up until we find your way forward.
A pleasure to work with, efficient and proactive in their approach to all tasks. Transparent with information and very honest each step of the process, with no surprises at the end. I would highly recommend Mackay Goodwin to friends, family and colleagues.
What is Business Liquidation?
Sometimes the best option is to close your business. If we assess your company as no longer viable, we’ll guide you through the business liquidation process, from selling off assets to pay your creditors to winding up the company to minimise losses. Taking action early will give owners and employees the opportunity to move forward as soon as possible.Learn more
Our Liquidation Services
Creditors Voluntary LiquidationddLearn More
In Creditors’ Voluntary Liquidation (CVL), our ASIC registered liquidators can ease the process on the role of director/s. Dealing with the formalities of convening shareholders and facilitating a procedure in which the company is placed into Liquidation. Helping to relieve stress at every stage.
Simplified LiquidationLearn More
If your company is insolvent and total liabilities do not exceed $1 million, you may be eligible for Simplified Liquidation. A more streamlined version of CVL, we’ll work with you to close your business the right way, with clarity and understanding.
Members Voluntary LiquidationLearn More
Eliminate the communication hurdle involved with dissolving a company through a MVL. Mackay Goodwin will conduct a review, liquidate your company and distribute any assets to the relevant parties.
Provisional LiquidationLearn More
A Provisional Liquidator can help save your company. Appoint us to take control while an issue is being resolved, prevent any further damage from occurring, and protect the longevity of the company.
“[They provide] communication with where everything is at, only do the work that needs to be done and don’t run up costs.”
How to Thrive
The 3-step business recovery process to get your business on the front foot again.
Meet our team of experts and registered liquidators
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 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… Continue reading Guide to Liquidation
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
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?