contingent liability management

180 Group are not liquidators. We represent directors' interests, unlike liquidators, who once appointed, are required to represent the interests of creditors.

180 Group are not liquidators

At 180 Group, our solutions are aimed at preventing the company from entering liquidation. As a last resort, if your company is insolvent we may be able to assist you with the liquidation of your company.

For a detailed summary on Insolvency and the Available Options please download the following pdf document.

Liquidation is the process whereby the assets of a company are realised in an orderly manner and the proceeds distributed among creditors of the company in satisfaction of their claims against the company. Any surplus funds are returned to shareholders. On finalisation of the liquidation process, the company is deregistered and consequently ceases to exist.

Directors of companies that are placed into liquidation are often faced with having to deal with any or all of the following possible sanctions:

• Certain transactions the company may have entered into with third parties or the directors may be reversed by a liquidator;
• The directors may be liable to compensate the company for all debts it incurred for the period where it is possible to show that it could not be reasonably expected that the company would be able to pay its debts as and when they fell due;
• Directors of the company being found by the liquidator as having previously acted in breach of their duties to the company and being liable to compensate the company for losses suffered as a result;
• The winding up becoming a triggering event of default in relation to any collateral security or personal guarantee given by any person in support of loans to the company
• Personal liability on the part of directors for:
• Unpaid wages and superannuation where it is alleged that arrangements were entered into to avoid payment of these by the company;
• Any unpaid superannuation guarantee charge;
• Any unpaid PAYG withholding amounts due by the company; or
• Any taxation offences committed by the company; or
• The liquidator may take control of the company's business and sell it at a "fire sale" price and the directors will cease to be involved in that business. A sale at less than true value may mean that the director's exposure under any personal guarantees may also increase.

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