Liquidation Process
What to expect with liquidation
As your company moves into liquidation, the process will involve several key steps. First, a licensed liquidator will be appointed to take control of the company’s operations and financial matters. The liquidator will then secure and assess all of the company’s assets. These assets will be used to pay off creditors, starting with secured creditors, followed by preferential and unsecured creditors. Finally, the liquidator will prepare a final report detailing the liquidation process. Once this is complete, the company will be officially dissolved and removed from the Companies Register.
Appointment of Liquidator
The liquidation process begins with the formal appointment of a licensed liquidator, either voluntarily by shareholders or through a court order initiated by creditors.
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Secure and Evaluate Assets
The liquidator takes control of the company's assets, securing them and assessing their value, while investigating the company’s financial position and obligations.
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Ditribution to Creditors
The liquidator distributes the company's assets to creditors in a specific order of priority, starting with secured creditors, followed by preferential and unsecured creditors.
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Final Report and Dissolution
After completing the asset distribution, the liquidator prepares a final report, and the company is removed from the Companies Register, marking its official dissolution.
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