liquidation

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Liquidation is the process in accounting by which a company is brought to an end in the United Kingdom, Australia, New Zealand, Republic of Ireland, Cyprus, United States, Canada, Italy and many others. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors).
The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets. For instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability.

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  1. A

    VIC EPOA while in Liquidation

    Is it illegal to apply and hold an EPOA medical/financial while in liquidation ?
  2. J

    QLD Liquidator ignoring Secured Creditors

    Hey everyone, Well it’s pretty much as the title says. “Liquidator ignoring secured creditors”, that’s myself and every other employee. So the company I worked for went into liquidation in February 2018 and we all went through FEG for our entitlements which were paid in November last year...
  3. J

    VIC Company owes me money. Has announced liquidation.

    Hi team, I've just been informed that the company I've been contracting to for the past 12months has gone into liquidation. They have not paid any invoices since December, so there are about $120k owed. I believe they knew things were going to end this way, but continued to to take advantage...
  4. M

    Contract with Contractor - Tricky Wording?

    Hi, I need a second interpretation. I'm reviewing a contract and in the liquidated damages condition, it appears that a wording game has been played. 18.1 Liquidated Damages 18.1.1 In case Governmental approval is required and does not occur by the guaranteed governmental approval date; or...
  5. M

    QLD Company Used Undergoing Liquidation - What are Debtor's Rights?

    Good afternoon! A company we used to use has gone into liquidation. We received from the liquidator some of invoices which we have been asked to pay (We were never invoiced apparently). I have no problem paying the invoices if we do owe them. I have requested proof of supply to which they have...
  6. W

    VIC Liquidation – When can a sole company director make an offer to settle?

    Hello, I hope you may be able to help. I was the director of a company, the company went into a court appointed liquidation. The liquidator has commenced an insolvent trading claim against me; this claim is based on the presumption of insolvency (alleging we did not keep sufficient records)...
  7. N

    WA Pay taxes, but no protection... HELP!

    Hello, I’m desperately seeking some advice. In February 2014, I was working in WA on a 457 Visa for an Engineering and Construction Company Forge Group. I had been working for them for almost 3 years, and was paying taxes in accordance with law, which was i believe 45% of my earnings. The...
  8. S

    WA Extension for ATO Fine Due to Bankruptcy?

    Hi, I just received from the ATO that I have to lodge my end of financial year 2015/2016. I have paid all the base up to date and went into liquidation on the 30 May 2016. I was official bankrupt on the 8 December 2016. They told me if I did not lodge this and I have to pay a fine of $5,000...
  9. W

    WA Company Fraud by Wife - What Can I Do?

    Hello, Back in 2014,, a Perth accounting/real estate company went into liquidation and closed the doors and as far as the relevant bodies were concerned, that was that. Around that time my ex-wife, who was working for this company and was the director's PA and bookkeeper, was starting her own...
  10. M

    NSW Liquidation - Sue Former Director for Phoenixing?

    Hi. We are the only creditor of a company in liquidation. The former director/owner was involved in phoenixing. He drained the company of assets (or hide it) and moved operations to another company. The liquidator has done hardly anything in two years, does not want to step down and let...