We have provided below a timeline for a members’ voluntary liquidation. You don’t need to worry about the detail – at Dissolve we prepare all the documents for you and lodge them on time to ensure the fastest possible liquidation at the lowest possible fee.
1Step One – Corporate Simplification Review
Conduct a comprehensive review of matters to be attended to in order to position a company or group of companies for members’ voluntary liquidation.
2Step Two – Meeting of Directors
At a meeting of directors a resolution should be passed that a Declaration of Solvency be signed and that a general meeting of members be called to consider the resolutions that the company be wound up, that the assets be distributed and that a liquidator be appointed.
3Step Three – Lodgment of Declaration of Solvency
The original of the Declaration of Solvency must be lodged with ASIC before the date on which a notice of meeting of members is sent out.
4Step Four – Notice to Members
Members must ordinarily receive 21 days notice of the proposed meeting unless a consent to short notice is obtained from members.
5Step Five – Meeting of Members
At the meeting of members the following resolutions should be passed: that the company be wound up; that a liquidator be appointed; the amount of the liquidator’s remuneration; the date when the books and records of the company can be destroyed.
6Step Six – Lodgment of Resolutions
The company must lodged the resolutions with ASIC within seven days and advertise the appointment of the liquidator in the Commonwealth Government Gazette within 21 days. Usually the liquidator will also place an advertisement in the Gazette, and advertise for any creditors who have a claim against the company.
7Step Seven – Other Notifications
The liquidator then notifies a long list of interested parties of the liquidation.
8Step Eight – Practical Matters
The liquidator will attend to a long list of matters to finalise the affairs of the company. This will include the finalisation of tax returns, realisation of assets, payment of creditors and the distribution of surplus assets to shareholders.
9Step Nine – Annual Meeting
If the liquidation continues for more than 12 months an Annual Meeting of Members must be held.
10Step Ten – Finalisation
When the affairs of the company are fully wound up the liquidator will call a Final Meeting of Members giving at least one months notice. That meeting is advertised in the Gazette. The liquidator will lodge with ASIC a Final Return within seven days and a Final Liquidator’s Account of Receipts and Payments within 30 days.
11Step Eleven – Deregistration
The company is automatically deregistered by ASIC three months after it receives the return for the final meeting.
Want to know more about winding up a solvent company? Visit these pages :
“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