Liquidation is the only way to fully wind up the affairs of a company and end the existence of the company. An independent party undertakes the process and protects the interests of creditors, directors, and members while the company structure is dismantled.
Facing ATO or creditor pressure? Received a DPN?
Liquidation gives you a clean exit, and we can start today. Talk to a registered liquidator now. Confidential and obligation free.
Worrells is available Australia-wide
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Trusted by 1000+ directors each year
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Background
What is liquidation?
Liquidation is the process of winding up a company’s financial affairs, dismantling its structure, and fairly distributing its assets to creditors. In a simplified liquidation, the investigations and process are scaled to suit the company’s size and circumstances.
Liquidation occurs either because the company cannot pay its debts as they fall due (i.e. it is insolvent) or because its members wish to formally end the company’s existence and have it removed from ASIC’s register.
Once appointed, we take control of the company and its obligations allowing directors to step back, hand over the stress of dealing with creditors, and focus on moving forward.
Want to know more?
Download our guides.
Our guides help people and their advisors make clear decisions on financial challenges, covering options like restructuring, liquidation and bankruptcy.
Three easy steps to company debt relief
1
Enquire online
Organise a call or meeting with one of our principals
2
Talk to our experts
Share your info (and burden) with us so we can assess your situation
3
Get a solution
Say goodbye to that weight on your shoulders
Issues that place directors and their assets at risk
01ATO debt
02Director penalty notices
03Statutory demands
04Insolvent trading risk
01
Unpaid tax can quickly put directors at risk. The ATO is increasing collection activity and may hold directors personally liable if company debts stay unpaid.
02
A DPN lets the ATO recover PAYG, GST and super from directors. It’s important to act fast, as delays can turn a manageable problem into personal liability.
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03
A statutory demand gives a company 21 days to pay or dispute a debt. Ignoring it can lead to winding up and greater risk for directors.
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04
Directors must make sure their company doesn’t take on debts it can’t pay. If it does and becomes insolvent, directors may be personally responsible.
Act today to help minimise personal liability and protect your personal assets, including your family home.
Why choose liquidation?
There's several labels for different liquidation appointments depending on who is initiating the liquidation and certain criteria.
The two main types of liquidations are:
PATHWAY 1
Simplified liquidation
A lower cost option than the standard liquidation pathway
A faster way to wind up with less burden on owners/directors
More certainty in the liquidation process
PATHWAY 2
Liquidation
Pathway if company does not meet the simplified liquidation criteria
For solvent (members' voluntary liquidation) or insolvent companies (creditors' voluntary liquidation)
Real stories from business owners we’ve helped
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Aaron Lucan
Principal, Western Sydney, Central West
Stephen Hundy
Principal, Canberra, Wollongong
Matthew Kucianski
Principal, Melbourne, Ringwood
Mervyn Kitay
Principal, Perth
Paul Nogueira
Principal, Sunshine Coast, Bundaberg
Consider all the pathways. Liquidation is one choice, but Small Business Restructuring may be another way to manage company debt.