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You are a creditor of a company if the company owes you money. Usually, a creditor is owed money because they have provided goods or services, or made loans to the company. A retail customer of a company in liquidation may also be a creditor if they have partly or fully paid for goods and services that they have not received.
An employee owed money for unpaid wages and other entitlements is a creditor. A person who may be owed money by the company if a certain event occurs e. There are generally two categories of creditor — secured and unsecured: Lenders usually require a security interest in company assets when they provide a loan.
Security interests over personal property other than land are registered on the Personal Property Securities Register PPSR if the creditor wants to ensure their security interest is enforceable and accorded priority in an insolvency.
Employees are a special class of unsecured creditors. In a liquidation, their outstanding entitlements are paid in priority to the claims of other unsecured creditors. If you are an employee, see Information Sheet 46 Liquidation: A guide for employees INFO The purpose of liquidation The purpose of liquidation of an insolvent company is to have an independent and suitably qualified person the liquidator take control of the company so that its affairs can be wound up in an orderly and fair way for the benefit of all creditors.
There are two types of insolvent liquidation: In a court liquidation, a liquidator is appointed by the court to wind up a company following an application usually by a creditor.
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. It is possible for a company in liquidation to also be in receivership: A guide for creditors INFO Except for lodging documents and reports required under the Corporations Act Corporations Acta liquidator is not required to incur an expense in relation to the winding up unless there are enough assets to pay their costs.
If a liquidator suspects that people involved with the company may have committed offences and the liquidator reports this to ASIC, the liquidator may also be able to apply to ASIC for funding to carry out a further investigation into the allegations.
Reporting to creditors The liquidator will send the following to creditors: The liquidator must also send with this information an initial remuneration notice if they propose to seek fee approval during the liquidation: Statutory report The liquidator must provide a report to creditors within three months after their appointment containing information about: The report may provide additional information relevant to the liquidation or notify creditors about whether the liquidator proposes to convene a meeting of creditors.
The liquidator might also attach details of a proposal to creditors to consider and vote on without the need to hold a meeting.
Information about meetings of creditors and voting on proposals without a meeting is included below. A copy of the report must be lodged with ASIC. A copy of this report may be obtained by searching the ASIC registers and paying the relevant fee.
Other reports There is no statutory requirement for the liquidator to provide further reports to creditors. However, a liquidator will often provide further reports to creditors updating them on the conduct of the liquidation.
Creditors can request that the liquidator provide a report. The liquidator must comply with a reasonable request. Recoveries from creditors 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.
To be an unfair preference, the payment must put the creditor receiving it in a more favourable position than other unsecured creditors. Not all payments from the company to a creditor in the six months before liquidation are unfair preferences.The s (pronounced "nineteen-sixties") was a decade of the Gregorian calendar that began on 1 January , and ended on 31 December The term "s" also refers to an era more often called the Sixties, denoting the complex of inter-related cultural and political trends around the kaja-net.com "cultural decade" is more loosely defined .
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