Jun 242015

(24 June 2015: copyright P J Keenan)

OVERVIEW OF  Creditors’ Voluntary Winding up IN AUSTRALIA

Resolutions by shareholders to wind up the company and to appoint a liquidator
Liquidator takes control of business, property and affairs
Liquidator prepares report of proposed remuneration
Liquidator makes declarations of indemnities, up-front payments and relevant relationships
Directors’ statement about business, property, affairs and financial circumstances of company (Report as to Affairs)
Meeting of creditors (possible committee of inspection; fix remuneration of liquidator; confirm or change liquidator; etc.)
Investigations, realisations of assets and unpaid share capital, recovery of property and (possibly) recovery of compensation Liquidator’s statutory reporting, accounts and returns
Examination and determination of creditors claims Payment of expenses and liquidator’s remuneration
Distribution of residual funds to creditors Annual meeting of creditors or annual report
Final meeting of creditors and shareholders
Deregistration of the company

LAW: Corporations Act 2001, Chapter 5; Corporations Regulations 2001.
PRACTICE STANDARDS: The Third Edition of the Code of Professional Practice of the Australian Restructuring Insolvency & Turnaround Association



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