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Private company liquidation
Liquidation / Public examination / Forensic accounting
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The matter
Aston Chace was appointed as liquidator of two related companies whose assets were sold prior to appointment. Due to a discrepancy in the sale contracts relating to items sold, Aston Chace Group sought to investigate their accuracy and commercial terms.
The solution
Aston Chace used a forensic approach to reconcile the asset depreciation schedules of the companies. At the request of the Liquidator, information was received from the ATO, Queensland Government and directors of the companies and independent valuers engaged.
The outcome
Investigations revealed that the companies did not maintain proper records and assets were unaccounted for in the sale contracts. The Director agreed the liquidator had a claim against these assets, which was subsequently settled.
