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Liquidation of a privately held company

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The matter

Aston Chace was appointed as liquidator of a private company in a creditor’s voluntary liquidation. The company was subject to freezing orders initiated by the Deputy Commissioner of Taxation (DCT) following an Australian Taxation Office audit, and a sale process was required for its sole property asset to recover funds for creditors.

The solution

An investigation into the company’s affairs was undertaken and the property sale completed, which involved dealing with the mortgagee and DCT to lift the freezing order. Aston Chace managed the stakeholder engagement with the mortgagee and DCT, recovering surplus funds for distribution to creditors.

The outcome

Following the successful asset sale, Aston Chace is undertaking further investigations into the company on behalf of creditors including to identify uncommercial transactions, breach of directors’ duties and insolvent trading claims with the view to realising further recoveries

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