Financial pressure can make it hard to know what to do next. You might be dealing with cash flow pressure, company debts or creditor demands, while also wondering if the business can keep trading.
If you’re considering Company Liquidation, we’ll help you understand what it involves and what it could mean for you and other company directors.
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Company Liquidation is the formal process of closing a company and dealing with its assets, liabilities and creditors. A registered liquidator manages the process, depending on whether the business is solvent or insolvent. In Australia, Company Liquidation is governed by the Corporations Act 2001, and registered liquidators are regulated by the Australian Securities and Investments Commission (ASIC).
Once appointed, a registered liquidator manages the company’s affairs, deals with creditors and carries out required investigations. This can include holding a meeting of creditors, where your liquidator reports on progress and next steps.
If funds are available, they’re distributed according to legal priorities, and the company is generally deregistered once Company Liquidation is complete. Your liquidator will explain what’s happening along the way.
If your business can no longer keep trading, Liquidation offers a structured way to deal with company debts and bring things to an orderly close. It’s worth considering if your business is experiencing financial difficulty, whether that’s cash flow pressure, tax debt, ATO notices, creditor demands or concerns about insolvent trading.
What Liquidation means for you personally depends on your circumstances. Personal guarantees and Director Penalty Notices can still affect you directly, even once the company winds up. We’ll help you understand exactly what applies to your situation.
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)
In a Creditors’ Voluntary Liquidation, our ASIC-registered liquidators support directors by dealing with the formal steps of liquidation like convening shareholder meetings. We manage the entire process, reducing stress and helping you move forward with confidence.
Closing a solvent company doesn’t have to be complicated. We handle the communication with stakeholders, manage the liquidation process, and ensure assets are distributed smoothly and transparently.
A Provisional Liquidator can help safeguard your company during uncertain times. We step in to take control, limit further damage, and protect the business while key issues are resolved.
If your company owes less than $1 million, you may qualify for this streamlined alternative to CVL. We’ll handle the process with clarity and care, helping you wind up the right way.
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Mackay Goodwin excels in navigating the complexities of corporate financial distress, providing expert solutions and end-to-end support. Our proven track record and commitment to recovery make us a steady guide in uncertain times.
We offer a full suite of services to support your business at every stage. From voluntary administration and corporate restructuring to personal insolvency, our experts are here to guide you towards stability and long-term success.
Ready to discuss your options? If you're facing financial pressures, acting quickly can significantly impact your options and outcomes. Get in touch early so we can help you make informed decisions about your company’s financial health.
Edwin is a valuable member of the senior Mackay Goodwin team, with a huge amount of expertise and experience in running a range of different Deed of Company Arrangement proposals, for Administrations across a diverse range of industry sectors, and in all states across Australia.
David has a wealth of experience across receiverships, voluntary administrations and liquidations together with restructuring and turnaround engagements. Growing up in Bathurst, NSW, David’s interest in agriculture and passion for motorsport translates to his hands-on approach in the insolvency industry. Taking upon a broad range of appointments, David provides a thorough analysis of the current situations his clients are facing and provides the best possible outcome for them and other stakeholders. David’s experience allows him to draw on a broad range of prior appointments and their unique nature to facilitate the survival of a business where possible by using achievable arrangements.
Mitchell has 20 years’ experience in corporate insolvency and restructure. Mitchell is a Registered Liquidator having working on many types of corporate appointments. He has managed complex liquidations and voluntary administrations in numerous industries with expertise in property, finance, manufacturing, IT and building and constructions. Mitchell brings value to appointments from start to finish, from marketing and having initial contact with clients to achieving exceptional outcomes.
Grahame Ward is a Registered Liquidator and Administrator with expertise in industries like property, tourism, transport, hospitality, and manufacturing. Since 1996, he has specialised in corporate and personal insolvency, reorganisation, restructuring, and crisis management. As a Chartered Accountant and Official Liquidator, Grahame is known for delivering timely and practical advice, especially in complex insolvency matters. He is actively involved in professional development through ARITA, sharing his knowledge as a workshop leader. Grahame is committed to achieving positive outcomes for stakeholders, offering reliable support during challenging financial situations.
Gavin King is a seasoned business advisor and insolvency expert with extensive experience in corporate restructuring and turnaround management. Over the course of his career, Gavin has helped numerous businesses navigate complex financial challenges, providing tailored solutions that maximise stakeholder value. Specialising in insolvency administration, he brings a hands-on approach to managing voluntary administrations, liquidations, and corporate workouts. With a proven track record of leading successful recovery processes, Gavin leverages his deep industry knowledge to guide businesses through periods of distress, ensuring they emerge stronger and more resilient.
Andrew Quinn is a seasoned professional in the insolvency and restructuring industry, serving as a Director at Mackay Goodwin. With a deep understanding of complex financial challenges, Andrew has guided numerous businesses through voluntary administrations, liquidations, and corporate restructurings. His industry experience spans across sectors including construction, hospitality, and professional services, providing him with a diverse skill set to address each client’s unique needs.
Andrew’s strategic approach focuses on achieving the best possible outcomes for all stakeholders while navigating businesses through periods of financial adversity. His commitment to providing tailored solutions ensures that businesses receive the support they need to recover and thrive in challenging times.
A liquidator takes control of an insolvent company being wound up, acting as the external administrator responsible for its affairs. They investigate its affairs, realise assets, recover money owed, deal with secured and unsecured creditors, report to ASIC and finalise the company’s affairs. Their investigations can include unfair preference payments where the legal requirements apply. If funds are available for creditors, a payment made through the Liquidation is known as a dividend.
Liquidators are generally paid from available company assets. Their remuneration must be approved through the applicable process. If there aren’t enough assets, some costs may need to be funded by directors or another party. Your liquidator will explain any costs that may apply.
Employees have priority for certain employee entitlements where funds are available. These can include unpaid wages, annual leave, long service leave and applicable redundancy pay. Different rules can apply to outstanding superannuation.
Eligible employees may also be able to claim certain entitlements through the Fair Entitlements Guarantee.
Your personal assets are generally separate from Company Liquidation. However, your home may be exposed if it secures business debts, you’ve given a personal guarantee or you face personal liability for certain company debts or conduct.
It’s understandable to be concerned about your home and personal assets. Every situation is different, and we can help you understand where you stand.
There isn’t one set cost for Company Liquidation. Costs can depend on the company’s assets, liabilities, creditors, records, investigations and disputes. Liquidators are generally paid from available company assets, with fees approved according to the type of appointment.