Liquidation Law

Liquidation law On the Gold Coast


Your liquidation law experts

Radich Lawyer on the Gold Coast can help you with all your liquidation law needs. When a company isn’t able to pay their debts, it may be regarded as insolvent.

Options after insolvency

Insolvent companies have three options. Those options are liquidation, voluntary administration and receivership.

If you’re choosing or forced into liquidation, it is essential to understand the relevant law thoroughly. Relying on the help and guidance of a professional lawyer can also make the process a lot easier to navigate. These laws can be confusing, and one misstep could put you in significant trouble with the law.
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Understanding liquidation

Liquidation is the legal process of winding up a company due to bankruptcy or to finalise the company as an entity. A company is a legal entity in its own right and being so it can’t be dissolved without an independent third-party liquidator.

A liquidator takes control of the company’s assets, investigates the events and circumstances leading up to the dissolution of the company and checks to see whether the company traded while being insolvent. The liquidator also reports to creditors and provides a fair distribution of the company’s property between creditors.

Appointing a liquidator

When you appoint a liquidator instead of taking care of things on your own, you can avoid personal liability under the Director Penalty Notice issued by the ATO.

When your company is having problems paying debts, and it is going through other financial difficulties, your company may be considered solvent. Your company may own assets that it can’t sell quickly, which can draw out the process significantly.

When you appoint a liquidator, they have the same power as the company director. Once you hand over the authority of the company to the liquidator, you no longer have any influence over the company. While there isn’t a time limit to how long it can take to liquidate a company, the liquidator’s goal is to get it done as quickly as possible.
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Legal assistance with liquidations

If you’re worried that your company might be in trouble, you should contact Radich Lawyer to get help right away. When you consult a professional lawyer, you may be able to save your company from being placed in liquidation by the ATO or a creditor.

When you’re working with Radich Lawyer, you can rest assured that you’re working with a lawyer that has 30 years of experience with liquidation law and other areas of law. Over the years, Nicholas Radich has gained expertise and experience that allow him to give you the advice you need to move forward in the best way possible.

The finalisation of liquidation is when the company is struck off ASIC’s register of companies, or when a court order dissolves the company. Until this takes place, your company is still on the register of companies, and the matter is unresolved.

Going through experiences like this can be both mentally and emotionally stressful. Bringing on the help of a professional if you’re worried you might be going through something similar can be the best course of action.

Costs of hiring a liquidation attorney

If you’re worried about the cost that you’ll incur when you work with Radich Lawyer, you should connect with Nicholas Radich. He works to keep his overhead low, so he can pass on those savings to his clients. He operates out of his home and doesn’t have to pay staff or expensive office buildings.

When you need professional help at a price you can afford, you should turn to Radich Lawyer to get started with your legal services. Nicholas Radich cares about each of his clients, and he will work with you on your case to get the best possible resolution. The sooner you contact him regarding liquidation law, the more likely it will be that he will be able to help you out of a tough situation.