The committee of inspection can only act if a majority of its members attend. Minutes of meetings of the committee of inspection must be prepared and lodged with ASIC within one month.
You can search ASIC Connect and obtain a copy of the minutes of committee of inspection meetings for a fee. A liquidator is entitled to be paid for the necessary work they properly perform. Their fees will usually be paid from available assets before any payments are made to creditors.
If there are no — or only limited assets — the liquidator is sometimes not paid or only partially paid for the work they do. The liquidator may arrange for a third party to contribute to their fees. A liquidator is also entitled to ask for approval to pay their estimated future fees for work yet to be done. Usually this is requested to allow the liquidator to continue doing work up to a certain point in time e.
The fees cannot be paid until the amount has been approved by creditors, a committee of inspection or the court. The liquidator can also put a proposal to creditors to approve their fees without holding a meeting required where the liquidator has adopted the simplified liquidation process.
If fees are not approved by the relevant decision-making body, the liquidator is entitled to receive reasonable fees up to a specified maximum indexed annually. If you are asked to approve fees at a general meeting of creditors, at a meeting of a committee of inspection, or by a proposal put to creditors without a meeting, the liquidator must give you a report with sufficient information to help you assess whether the requested fees are reasonable.
This should be given to you at the same time as the notice of the meeting or with the proposal. This report should be in simple language and set out:. If you are in any doubt about how the fees were calculated, ask the liquidator for more information. If fees are approved and you wish to challenge the decision, you can apply to the court for a review of the fees.
You may wish to seek your own legal advice about this. Apart from fees, the liquidator is entitled to reimbursement for out-of-pocket expenses. This reimbursement may require creditor, committee of inspection or court approval. For more information, see INFO Where the liquidator has adopted the simplified liquidation process, there can only be one dividend paid to unsecured creditors. Generally, funds are distributed in the following order:. Each category must be paid in full before the next category is paid.
If there are insufficient funds to pay a category in full, the available funds are paid on a pro-rata basis and the next category or categories will be paid nothing. Before any dividend is paid to you for your debt or claim, you will need to give the liquidator information to prove your debt. The liquidator will notify you if funds might be available for payment and will call for formal proof of debt forms to be lodged.
This notice must be given to each person claiming to be a creditor whose debt or claim has not already been accepted by the liquidator. A copy of the formal proof of debt form will be sent to you with the notice. You should attach copies of all relevant invoices or other supporting documents to the proof of debt form, because your debt or claim may be rejected if there is insufficient evidence to support it.
If a creditor is a company, the proof of debt form must be signed by a person authorised by the company. The completed proof of debt form must be delivered or posted to the liquidator. When you submit your claim, ask the liquidator to acknowledge receipt of your claim and if they require any further information.
If the liquidator decides to reject your claim, they must notify you within seven days after making that decision and provide reasons for doing so. Contact the liquidator if you have questions about the calculation of your claim, or the timing of the payment. As well as the various rights involving meetings and participation in dividends, creditors also have a right to:. Creditors can, by resolution or individually, request the liquidator to give information, provide a report or produce a document.
The liquidator must comply with this request unless:. There are rules governing when a direction is not reasonable, including if the liquidator, acting in good faith, thinks that:. The law requires the liquidator to provide the information within 20 business days of the request being made. If the direction is not reasonable, the liquidator must notify the requesting party and set out reasons why the request is not reasonable.
If the requesting party agrees to pay the costs of providing the information and security for those costs is provided if the liquidator requires that , the liquidator must comply with the request.
These include minutes of meetings and details of all the receipts and payments for the liquidation. Copies of minutes of meetings and detailed lists of receipts and payments, as well as several other documents, must also be lodged with ASIC. If the liquidator suspects anyone connected to the company may have committed an offence, the liquidator must report this to ASIC.
Let the liquidator know if you have any information that might help the liquidator to prepare such a report. These reports are not available for inspection. ASIC reviews these reports and decides whether to take further action, such as banning a person from acting as a company director for a period or charging the person with a criminal offence.
ASIC considers a range of factors when deciding what action, if any, to take. The reviewing liquidator must be a registered liquidator. A creditor who wishes to appoint a reviewing liquidator must get written consent from the registered liquidator confirming they would be prepared to act as reviewing liquidator. The person must also make a written declaration about any relationships they or their firm have that might affect their independence to act as reviewing liquidator.
A creditor who wishes to appoint a replacement liquidator must request the current liquidator to convene a meeting. The liquidator is not required to comply if the request is not reasonable.
A creditor who wishes to remove the current liquidator and appoint a replacement liquidator must approach a registered liquidator to get a written consent confirming they would be prepared to act as liquidator of the company. The person must also make a written declaration about any relationships they or their firm may have that might affect their independence to act as liquidator. If the resolution to remove the current liquidator is passed at the meeting, the removal takes effect from when a resolution to appoint the replacement liquidator is passed.
The court has the power to make orders as it thinks fit in relation to an external administration. Creditors and other persons with a financial interest in the external administration can apply to the court for these orders, including:. Report a serious problem. We can't remove the company from the register until the objection period provided by the liquidator has expired. The liquidator must comply with their duty to keep the records of the liquidation and the company for not less than 6 years under section of the Companies Act The Companies Office offers an online service to assist liquidators with filing notices and reports, managing their document portfolios, and meeting their statutory reporting obligations.
Get an overview of how companies are structured, find out about the company records you need to keep, and what's involved when you incorporate with and report to the Companies Office.
You need to comply with New Zealand laws when you incorporate your company with the Companies Office, including reserving a company name, appointing directors, issuing shares and registering for tax. Once your company is registered with the Companies Office, nominate who will have authority to file your annual returns, and update your name, address, constitution, director and shareholder details.
When you incorporate, you must provide details of all company shares and shareholders. As changes occur, you must update this information on your own share register and in your company's annual return.
Directors have responsibilities to their company and shareholders, and under the Companies Act You must register all your directors with the Companies Office and they must sign a consent form. Find out about filing an annual return — the information you need to update, how to change your filing month or request a time extension — and what happens if you don't file your annual return by the due date.
Find out how New Zealand law affects the directors and shareholders of your company, and your responsibility to create and maintain accurate company records, report to us and file financial statements. Before they can carry out some business activities, companies incorporated in other countries, including Australia, must register with the Companies Office and then keep their company details up to date.
When your company closes down you need to remove it from the register. Your company can be removed if it amalgamates with another company or doesn't file its annual return. Only some companies can be reinstated to the Companies Register once they've been removed. Find out who can apply, what evidence to provide and if you should apply to the Registrar or the High Court. Find out about voluntary administration, receivership and liquidation external administration , and the roles and responsibilities of those appointed to manage your company's affairs.
Creating an account with the Companies Office allows you to complete the majority of your transactions online. It's free to set up, but fees apply for some transactions, such as filing annual returns. Get help with any technical problems you have using the register, such as uploading documents or searching for companies, directors and shareholders. The Companies Office is switching off its fax service After Friday 19 November , you will no longer be able to send us documents or queries by fax.
Read more about the liquidation process Insolvency and Trustee Service. Print entire guide. Related content Company Voluntary Arrangements Company director disqualification Wind up a company that owes you money Find an insolvency practitioner Closing a limited company. Brexit Check what you need to do. Explore the topic Business debt and bankruptcy Selling your business and closing down Closing a company. Is this page useful? Maybe Yes this page is useful No this page is not useful.
Thank you for your feedback. Report a problem with this page.
0コメント