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The person that is appointed to administer the liquidation of a company is known as Liquidator. Liquidators are required to hold registration from the Australian Securities & Investments Commission.
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 peak professional association in Australia for insolvency specialists is the Insolvency Practitioners Association of Australia (“IPA”). The peak international professional association is INSOL International. The insolvency specialist that you use, should as a minimum, be a member of IPA and INSOL and hold relevant registration from the ASIC.
This information is not a substitute for advice concerning your circumstances. Liability limited by a Scheme approved under the Professional Standards Legislation.