Private company liquidation

Key services:
  • Restructuring and turnaround
The matter

Aston Chace Group 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 ATO 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 Group 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 Group 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.