(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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