Liquidation is the orderly winding up of a company’s affairs.
It involves realizing the company’s assets, cessation or sale of its operations, distributing the proceeds of realization among its creditors and distributing any surplus among its shareholders.
The four types of liquidation are provisional liquidation, court liquidation, creditors’ voluntary liquidation, and members’ voluntary liquidation.
The person that is appointed to administer the liquidation of the company is known as Liquidator. Liquidators are required to hold registration from the Australian Securities & Investments Commission.
This information is not a substitute for advice concerning your circumstances. Liability limited by a Scheme approved under the Professional Standards Legislation.