Co-Operatives have been around for many years and periodically they outlive their usefulness. But the liquidation of a Co-Operative is somewhat different to the liquidation of a company.
For a start the liquidation of a Co-Operative is not guided by the Corporations Act. There are a whole set of different rules that apply to co-operatives in different states. So the liquidation is based on the Co-operatives Acts in those various states.
As an example, we have outlined below the process for NSW.
After Appointment the liquidator lodges a number of other Forms with The Registry.
Often a Co-Operative is also a not-for-profit organisation. The co-operative rules will specify that on winding up, any surplus assets are to go to a specified not-for-profit organization. (Because it’s not-for-profit, surplus assets cannot go back to members as a “return”).
At Dissolve we have conducted the liquidation of many Co-Operatives so if you need further advice please give us a call.
“I’ve now referred two liquidations to Dissolve and in both cases my clients were amazed at the ease of the appointment process and how quickly the liquidation was finished.”…
Partner of a Sydney Accounting Firm
“Cliff and his staff provided a fast, efficient and friendly service. The process was simplified and all steps were communicated well. The price was exactly as advertised with.”…
Director of a Property Development Company
“…after I gave Dissolve the go-ahead I received the No Asset Liquidation Package within two hours and I had the company in liquidation the next morning.”…
Director of a Fashion Retailer