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Court order to liquidate our company
With great humility I admit up front that this is a terrible situation that has gotten out of hand and should not have come to this. If there is a way to handle this honourably I would be very grateful to know how.
My brother and I are directors of a receiving company for a family trust. In a court case on Wed 16 August (that we did not attend) a court order was issued in which a third party was appointed to liquidate the company.
Due to personal issues we have not been attentive to our company affairs and have amassed a large land tax debt of $130,000 plus other debts with total up to approx. $200,000.
“[COMPANY NAME] Pty. Ltd. (ACN XXX XXX XXX) as Trustee for {NAME] Family Trust be wound up in insolvency under the provisions of the Corporations Act 2001.”
Is there any way to stop this liquidation?
The liquidator has asked us to fill out a form asking for a lot of personal information and asking us to “transfer the affairs of the Company and its assets to me”, which makes me think that he is trying to scare us into contracting with them.
I also find it curious that “Declaration by Managing Controller. In my capacity as the Managing Controller, I declare that where I have omitted information, I have done so in accordance with Section 421A(4) of the Corporations Act 2001 and have included the notice required by s421A(5) with this Report.” has been stuck out.
We have been given 5 business days to provide info. My initial though is to just not accept their offer to contract and complete the contract according to own own terms, but my concern is the court order and the possible implications of not complying with this.
I am also wondering if discharge the debts using PN or BOE at this stage, will this also stop the liquidation or have any effect at on on legal proceedings?
I have attached the documents sent to us by the liquidator with personal information redacted.
Any help with this matter would be appreciated.
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3 Replies
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This sounds like something you would need advice about from Zoltan , under the Contact Tab at the top of the page.
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Here’s some stuff about mortgages that might have something that can help you.
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Thank you Morag. I have messaged Zoltan and hope that there is a solution to this matter.
