WHAT IS A PROVISIONAL LIQUIDATOR IN BRISBANE?
The aim of provisional liquidator in Brisbane is to ensure that the assets of a Brisbane company are preserved prior to the making of a winding up order. It differs from other winding up procedures in that it is not concerned with maximising the assets available for distribution among creditors, but is simply an interim procedure aimed at preserving the status quo until a winding up order is made.
It is also different from voluntary administration, as a provisional liquidator in Brisbane usually contemplates the winding up of the company. Voluntary administration, however, looks to the possible survival of the company.
Who needs it? Provisional liquidation in Brisbane is an attractive option where a winding up application has been made and the parties are concerned that the assets of the company will disappear before the winding up order is made; and/or believe that it is necessary to shift control of the company away from the directors in the interim.
The option of provisional liquidation in Brisbane will therefore be of interest to unsecured creditors since it will act to preserve the assets that creditors may be entitled to once the winding up order has been made. However, it is also attractive to the company and its directors where there are concerns that further liability will be incurred in the period between the winding up application and the winding up order, as control and liability effectively will shift from the directors to the provisional liquidator in Brisbane.
Do you need a provisional liquidator Brisbane? We are here to protect and preserve your rights and give you the right advice.