Members’ and creditors’ voluntary liquidation – purpose and liquidator powers

Company shareholders are able to resolve by special resolution (75%) that their company be placed into voluntary liquidation pursuant to section 491 of the Corporations Act. This may occur because the company is insolvent, and directors wish to avoid any potential insolvent trading claims against them personally, or the business Read more…

Voluntary liquidation – terminating the liquidation and returning control to the directors

There are many reasons why a liquidation may be terminated and control returned to the company’s directors. These include director error liquidating a holding company, retrieving tax losses associated with that particular company or retrieving an asset registered in that company name, or failure to respond to a Creditor’s Statutory Read more…