Creditors Voluntary Arrangement

PURPOSE

To wind up the affairs of the company where the directors have determined that due to the insolvency of the business they no longer wish to continue trading. A Creditors Voluntary Liquidation is also possible where a company has been placed into Voluntary Administration and a proposal for a Deed of Company Arrangement has not been accepted by creditors.

BENEFITS
  • The appointment is made voluntarily by the shareholders and generally takes a minimum of approximately ten (10) days to effect.
  • Allows for an independent insolvency practitioner to investigate the affairs of the company, make recoveries of voidable transactions under “claw-back” provisions, realise company assets and make a distribution to creditors in accordance with the Corporations Act.
Jones Partners can advise clients whether this is the most appropriate mechanism to deal with the company’s debts and, if so, can act as Liquidator of the company.

Michael Jones, Bruce Gleeson and David Shannon are Registered Liquidators and can advise and accept appointments.