Duties of a Liquidator Australia

Understanding the duties of a liquidator in Australia is important for both business owners and creditors involved in the insolvency process. A liquidator’s primary responsibility is to take control of an insolvent company, sell its assets, and distribute proceeds to creditors fairly.

Beyond this, the liquidator must investigate the company’s financial history, report any potential misconduct by directors, and ensure compliance with the Corporations Act 2001. They also provide updates to creditors and ASIC throughout the process.

The duties of a liquidator in Australia are designed to promote transparency and fairness, ensuring that all parties are treated according to legal obligations and financial realities.