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ASIC and Liquidation of Company - Suggestions?

Discussion in 'Debt and Bankruptcy Law Forum' started by AMDaniels, 8 November 2015.

  1. AMDaniels

    AMDaniels Member

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    I've spoken to ASIC to get advice on liquidating a company that has gone bankrupt. All they could advise me was to appoint a Liquidation professional. All quotes I've received are between $8,000 and $15,000. I have no money, so how do I go through this process with no funds? None of the creditors are willing to start the process because they know I have no money. Can anyone offer any suggestions?
     
    Louise4007 likes this.
  2. Louise4007

    Louise4007 Well-Known Member

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    Bankruptcy is a process by which the state takes possession of a bankrupts' property through the official trustee in Bankruptcy or another trustee.

    Liquidation or winding up differs in the sense that a liquidator controls a company's affairs in an attempt to discharge its' financial liabilities in preparation for its' dissolution.

    If the company is already bankrupt, then it is likely in the hands of the official trustee in Bankruptcy who will now handle any matters associated with creditors.
     

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