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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by directors to protect the company from further legal action and to distribute assets fairly among creditors. An MVL is used for a solvent company, where directors believe the company has fulfilled its purpose or shareholders wish to close it. In an MVL, shareholders appoint a liquidator to distribute surplus assets and formally dissolve the company.
How long does the liquidation process typically take in Epping?
The duration varies depending on the complexity of the company's affairs. A straightforward MVL for a solvent company can often be completed within 3 to 6 months, including the required statutory advertising and ASIC lodgements. A CVL may take longer, typically 6 to 12 months or more, especially if there are complex asset realizations, disputes, or investigations into director conduct. Our liquidators aim to expedite the process while ensuring all legal obligations are met.
What are the duties of a liquidator?
A liquidator's primary duties include taking control of the company's assets, investigating its affairs, realizing assets to cash, and distributing proceeds to creditors and shareholders in the correct order of priority. They must also report any potential misconduct to ASIC, convene meetings of creditors, and ensure all statutory filings are completed. The liquidator acts as an agent of the company and must act impartially, in the best interests of all stakeholders.
Can a company continue trading after appointing a liquidator?
Generally, no. Once a liquidator is appointed, the company ceases to trade, and the liquidator takes over management. However, the liquidator may continue trading for a short period if it is necessary to preserve asset value or complete unfinished contracts, but this is done under strict conditions and for the benefit of creditors. Directors lose their powers immediately upon appointment.
What happens to employee entitlements during liquidation?
Employee entitlements, including unpaid wages, annual leave, long service leave, and redundancy pay, are given priority in a liquidation. The liquidator will verify these claims and pay them from available funds before unsecured creditors receive any distribution. If there are insufficient assets, employees may be able to claim certain entitlements through the Fair Entitlements Guarantee (FEG) scheme, which the liquidator will assist with.
How much does it cost to appoint a liquidator in Epping?
Costs vary based on the size and complexity of the company. For an MVL, fees are often fixed or based on time, and can be paid from company assets. For a CVL, the liquidator's fees are typically approved by creditors and paid from asset realizations. We offer transparent, upfront fee estimates during a free initial consultation. Contact us for a tailored quote based on your company's specific circumstances.
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