Simplified Liquidation
Form number: Simplified Liquidation Election
A streamlined version of Creditors Voluntary Liquidation introduced January 2021 for smaller insolvent companies. Available where total liabilities are under $1 million, no related entity has used it in 7 years, and the directors have been compliant. Reduces liquidator investigations, cuts cost, and speeds up the wind-up.
Official source
asic.gov.auRelated topics
simplified liquidation · asic · small company · liabilities under 1m · streamlined wind up · company wind up · close down business · insolvent company · creditors voluntary liquidation · cvl · company insolvency · shut down company · business closure · liquidate company · small business insolvency · company deregistration · company · bankruptcy
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