The time it takes to complete a company liquidation will vary depending on how complicated the company’s affairs are. There is no set time within which the liquidation needs to be completed and as such, it can range from 12-18 months (for an average sized company that is fairly uncomplicated) to longer (if, say, litigation is needed or other matters need to be resolved). The main factors that affect the time-frame of the liquidation are the structure of the company, its dealing prior to being liquidated and whether it will be necessary to litigate.
In addition, the liquidator must wait for a clearance from ASIC before they can finalise the liquidation. Once they receive this they can call the final meeting of creditors and members of the company, and then complete the process.
To better understand the process of a liquidation and the role you play in it, feel free to contact us at anytime on 1800 003 883.