Sole Director/Shareholder dies and the NSW company (Pty Ltd) is almost insolvent (about to halt trading when employees leave).
- The company is in too much debt (ATO and unsecured loans) to restructure/sell
- The beneficiaries would not want to accept the shares and would not want to deal with the company at all
- The company has a lease agreement and a few employees who are owed benefits
- The company has assets that would fail to pay off half the debt.
Questions:
Who is responsible for winding up/liquidating the company and how does this happen?
What do employees do with keys when walking out?
Are the employees held responsible for anything?
Can the assets be sold before winding up/liquidating?
What happens if assets go missing?
Does the Executor (if appointed) of the Director's personal estate (also in debt) need to deal with the company?
Thanks
- The company is in too much debt (ATO and unsecured loans) to restructure/sell
- The beneficiaries would not want to accept the shares and would not want to deal with the company at all
- The company has a lease agreement and a few employees who are owed benefits
- The company has assets that would fail to pay off half the debt.
Questions:
Who is responsible for winding up/liquidating the company and how does this happen?
What do employees do with keys when walking out?
Are the employees held responsible for anything?
Can the assets be sold before winding up/liquidating?
What happens if assets go missing?
Does the Executor (if appointed) of the Director's personal estate (also in debt) need to deal with the company?
Thanks