Liquidators Role

Liquidation Brisbane

What is the role of a liquidator?

The role of a liquidator is much the same as that of a trustee through the course of a bankruptcy. Appropriate investigations will be made in relation to the financial affairs of the company, ascertaining whether or not improper or illegal transactions have been made- i.e. void transactions or preferential payments, insolvent trading, offenses committed by company officers etc.

The liquidator will also have the responsibility with thorough investigation to establish when the company became insolvent in the course of analysis of the books and records of the company. If books and records are unable to be supplied to the liquidator, the company is then deemed insolvent for the entirety of the time in which it cannot supply the relevant and appropriate records.
After the liquidator has realized all assets, made all recoveries, made all distributions to creditors, conducted all relevant investigations into the financial affairs of the company, made distributions of surplus to shareholders, reported to ASIC and creditors they will then make an application to deregister the company which will be the final step of the process.

Consult with our lawyers for more details on liquidation

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