On liquidating a
Inventory the assets your business owns and wishes to liquidate.
Your list should include a detailed description of each item, photograph, purchase information, condition, warranty certificates and repair records, if applicable.
However, the law gives priority to secured creditors (those with a charge over some of the company's property as security for the debt).
In addition, a number of rules exist to prevent one or more creditors from gaining an unfair advantage.
Past auctions include recognizable names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.
Please contact us to discover how we can help you with our professional asset liquidation process.
Voluntary liquidation refers to the process whereby the shareholders appoint a liquidator, who is then answerable to the creditors or shareholders.
It is not necessary to make any application to the court for this; however, the liquidator may apply to the court for directions and the court has power to remove a liquidator.
Assemble the right team in your organization of everyone who needs to be involved (legal and office management staff, and even C-level executives).Liquidations are also classified according to whether the company is solvent or insolvent.If the company is insolvent, this means it is unable to pay its debts as they fall due.The liquidator represents the interests of all creditors.The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).