What is a Registered Liquidator in Australia?
What is a Registered Liquidator and who can be one?
WHAT IS A REGISTERED LIQUIDATOR?
Registered Liquidators are experienced professionals, usually accountants, who are registered as a liquidator under the Corporations Act 2001. They are appointed to manage the process of winding up insolvent or failed companies. A registered Liquidator can also be appointed to wind up the affairs of a solvent company.
A registered liquidator has a wide range of duties to perform including selling assets, investigating the affairs of the company, and paying a dividend to creditors. When a liquidator is appointed to a company, the director’s powers are suspended, and the liquidator assumes control of all of the company’s affairs.
READ MORE ABOUT THE LIQUIDATION SERVICE.
- May prevent you from becoming personally liable for the company’s tax debt
- Brings to a close the stress and worry of trying to save the business
- Stops creditors hassling you
- Liquidators with 10+ years of experience
WHO CAN BE A REGISTERED LIQUIDATOR?
To become eligible to be a Registered Liquidator an individual must:
- be a member of a recognised Australian accounting industry body, or an international equivalent
- meet approved competency standards and be able to demonstrate significant practical experience
- be an Australian resident
- provide proof of sufficient indemnity insurance
- have not been convicted of an offence involving fraud or dishonesty in the previous 10 years
- have not been disqualified from managing corporations
- be capable of performing the duties of a liquidator
- be a fit and proper person to be registered as a liquidator