See How Our Team Helps You With Liquidation
A Story of How We Helped Business Owners in Their Most Difficult Times
We helped to shut down the business, paid 100 cents in the dollar to creditors, and distributed the remaining funds to members who desperately needed to cover medical expenses in the family.
Background
Initially, the company operated a successful business in regional Victoria. The company’s main operations included selling and servicing cranes, lifting equipment, beams, car hoists, and truck hoists.
The managing director of the company was the key person with extensive technical knowledge and skills necessary for this highly specialised business. Unfortunately, the director was involved in an accident, which left him paraplegic and suffering from significant health issues. The company was in desperate need of either appointing a new director or being dissolved. In the end, a new director was appointed.
At the time Anna was approached to assist with the company’s affairs, it was clear that while the new director made attempts to save the business and continue its successful operation, without key personnel, it was almost an impossible task to achieve. The director also faced numerous challenges, including finding an employee with the necessary technical expertise to ensure business continuation, problems with a dishonest employee, challenges in delivering services on time and collecting money owed to the company, cash flow challenges, and locating and recovering the company’s equipment from various locations.
How We Helped
Upon the liquidation, Anna took over the company’s affairs, along with all the issues the new director faced. She had ongoing discussions with stakeholders to ensure the best solution for those affected. After Anna took control of the company, it was clear that the business had been deteriorating, and placing it in expert hands was the best decision for the company and the new director, who, while trying to do the right thing, found herself facing personal liabilities for the company’s debts.
Anna’s commercial and proactive approach led to a great outcome. The company’s assets were recovered and realised, outstanding taxation matters were dealt with, tax benefits for shareholders were maximised, and a dividend was paid in full to all creditors. This result allowed a healthy distribution of funds to the shareholders in a timely manner.
End Result
- The company's assets were located and sold.
- Amounts owed to the company by sundry debtors were determined and recovered.
- All taxation lodgements were completed.
- All the company's debts were reviewed and paid (circa $150,000 at 100 cents in the dollar).
- All surplus was distributed to the members, ensuring tax benefits were maximised.
- All the company's affairs were wound up.
- The company was deregistered.
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If you have a question, contact us directly or book a complimentary and expectation-free initial consultation.