Rules for liquidating dr laura dating rules
Others, including a director, a shareholder and ASIC, can also make a winding-up application to the court .After a company goes into liquidation, unsecured creditors cannot commence or continue legal action against the company, unless the court permits.If you are an employee, see Information Sheet 46 (INFO 46).All references in this information sheet to ‘creditors’ relate to unsecured creditors unless otherwise stated.A liquidator may call a creditors’ meeting from time to time to inform creditors of the progress of the liquidation, to find out their wishes on a particular matter or seek approval of the liquidator’s fees.You may also use a creditors’ meeting to ask questions about the liquidation and inform the liquidator about your knowledge of the company’s affairs.
Usually, a creditor is owed money because they have provided goods or services, or made loans to the company.
The Corporations Act provides various defences to an unfair preference claim.
If a liquidator seeks to recover a payment that has been made to you, you may wish to obtain independent legal advice on the merits of the liquidator’s claim before repaying any money.
A liquidator has the ability to recover, for the benefit of all creditors, certain payments (known as unfair preferences) made by the company to individual creditors in the six months before the start of the liquidation.
Broadly, a creditor receives an unfair preference if, during the six months prior to liquidation, the company is insolvent, and the creditor suspects the company is insolvent and receives payment of their debt (or part of it) ahead of other creditors.
In this case, if additional assets are recovered, the liquidator or particular creditor can apply to the court for the creditor to be compensated for the risk involved in funding the liquidator’s recovery action.