Winding up a company that is Limited by Guarantee is relatively uncommon, simply because there are far fewer companies Limited by Guarantee, rather than having Ordinary Shareholders.
The winding up of a company Limited by Guarantee is still guided by the Corporations Act. Often they are Not For Profit organisations so it is especially important to review the company’s Constitution to see what specific rules will apply in a winding-up. Most commonly, the Constitution will require that any surplus assets be distributed to a “’like-minded institution” or words to that effect. That is, the surplus assets are not distributed to the Members.
The liquidation of a company Limited by Guarantee must be conducted by a Registered Liquidator. At Dissolve we have conducted a number of these types of liquidation so if you need advice or someone to act as the liquidator, 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