In simple words, liquidation is winding up of all assets and liabilities of the company. It will include ceasing all the operations and allocating all the funds to creditors and shareholders. All the assets will be dissolved and company will be duly closed under all rules and regulations. The main goal of Liquidation Gold Coast is that company is winded up all the debts by paying them duly. The process of liquidation is done when a person is purely insolvent.
There are basically three ways for liquidations
1) Court.
2) Creditors voluntary.
3) Members voluntary.
Court
when the creditor appeals for liquidation, it is that he has paid none of the amounts. The court selects the liquidator on basis of equitable grounds. If he thinks that the owner, shareholder or any other holder is expected to become insolvent or is running in a manner that it is going towards insolvency.
Creditors Voluntary
when the member or the chairperson decide to wind up the company as going on the way of insolvency gold coast. They announce a meeting with the concerned creditor for the process of winding up. The liquidator is the person who will be held accountable for dissolving all the assets and liabilities of a company.
The Liquidator Of The Concerned Company
The liquidator has all the responsibility of liquidating the company. The responsibility is:
Protection and collection of all the assets, examining all the properties that were held by the company and making all the reports duly.
Investing that anyone cannot make any of the offense related and find the funds that can be given to the creditor for their recovery.
Investigating all the claims that are given by the officers and to identify all the troubles that are financially creating the problem.
Under the corporation act, avoiding all the reports and documents unless having the money to pay off the cost and in that case, there is no responsibility of arranging the work. The liquidator has to pay off the cost of the liquidation. When comes to the unsecured creditor all the money is firstly handled with priority creditors. Then, liquidation goes for the closing of the company.This is the exact working that is held by the liquidator gold coast by clearing off all the assets and liabilities and distributing all the assets to the profound creditor.
