Should the company meet certain eligibility criteria, the liquidator may adopt the simplified liquidation process rather than the existing approach. Go to our simplified liquidation page to learn more.
The criteria for a simplified liquidation:
the company has passed, a special resolution that the company be wound up voluntarily.
the directors give the liquidator a report concerning the company’s affairs and a declaration that the company will be eligible for the simplified liquidation process.
the company is insolvent.
the company’s total liabilities do not exceed $1 million.
no director has been a director of a company that has previously used the simplified liquidation process or a debt restructuring process.
the company’s tax lodgments are up to date.