A fresh start begins here


Experienced, fast and reliable liquidation services that deliver results. Built off a wealth of knowledge that spans more than 30 years. Liquidation can be complex; TPH will break down what is involved into an easy-to-follow process so you understand the options and obligations.

Liquidation Services for your business

TPH will design a customised service that is specific and unique to your business. We will guide you through the options and provide impartial professional advice critical to achieving the best outcome for all parties.

This could be one of the most important decisions you make,. Insolvent trading, director penalty notices, GST, PAYG, Superannuation and other company debts can be forced on to you as the director personally. However, acting early and understanding your options, including safe harbour, business restructuring or liquidation, can be a pathway to a fresh start and better outcomes for all concerned.

Do you need to liquidate your company? To find out contact tph for a free discovery meeting. We will assess your options and appoint one of our experienced liquidators so you can have a fresh start.

Our 4 Step Approach

Where we do not believe that a business can be saved, we will advise the best
exit approach to ensure the optimum outcomes for all stakeholders.

Insolvent Liquidations Creditor’s Voluntary Liquidation

Creditors Voluntary Liquidations (CVL’s) are required at different times. TPH adopts a ‘strategic’ approach when suggesting how and when a CVL should be commenced.

At TPH, we believe every liquidation should be undertaken with a desired outcome, for example:

  • Commenced as part of a logical and necessary restructure; and/or
  • To protect the assets and minimise the risk to creditors.
  • To bring to an end the affairs of a company that could be financially saved or solvent.

TPH conducts many Creditors’ Voluntary Liquidations each year. Our efficient systems and processes fast track appointments whilst our fee rates are extremely competitive.

Our process:

  • Consult with  Directors, Company advisers and key management prior to appointment;
  • Provide details of how the process works and what is expected;
  • Advise what the likely outcome would be for employees, shareholders; creditors, suppliers, customers, directors and lenders; and
  • Provide clear insights into choices available and how management can work with the liquidator.

TPH is focused on outcomes that take into account all the legal and commercial realities and have a number of tried and tested approaches that get good results.  TPH will share that experience and knowledge with the directors and management team to ensure results.

Solvent Liquidations Member’s Voluntary Liquidation

TPH provides a comprehensive Members’ Voluntary Liquidation service. Our efficient systems and processes fast track appointments and maximises the returns to shareholders via timely and compliant programs.

In the lead up to an appointment our process is to:

  • Conduct free personalised consultations with the directors/shareholders/advisers to assist them in understanding the process and likely outcomes;
  • Work with the directors/shareholders/advisers on the strategic finalisation of the company’s affairs;
  • Arrange expert tax advice for this very specialised area of the taxation law;
  • Plan the orderly close down and realisation of any assets of the Company; and
  • Arrange all necessary documentation and meeting material for the formal shareholders meeting.

The timing and rationale behind a Members Voluntary Liquidation should be considered very carefully. TPH assists interested parties in understanding all of the required elements to ensure the best outcome is achieved.

TPH understands how stressful these situations can be. That’s why we commit to providing costs disclosure agreements with projected fees and timing to completion. The proposal will also include how TPH plans to conduct the liquidation and the manner in which various matters will be handled.

Voluntary Liquidation Services

TPH Advisory provides liquidation services to companies that need to finalise their activities through liquidation.

TPH is unique in offering competitive rates for both creditors and members voluntary liquidations.

Special offer: we also offer specially discounted rates for any company referred to us by an accountant, lawyer or company adviser who has not previously referred a matter to TPH.

Director Penalty Notice

There are two types of director penalty notices. The first is a traditional notice where the director receives a warning. They then have 21 days to act to avoid liability. The second type of notice, a lockdown penalty notice, is an automatic personal liability notice. It is effective as soon as the ATO serves it on the director. It is important to act early and get advice so you can implement a set of solutions.

A director penalty notice is a notice the ATO sends to a company director in one of several circumstances. For example, the notice can make the director personally liable for either the company’s pay as you go (PAYG) withholding requirements or superannuation guarantee charge (SGC) liabilities.

Frequently asked questions

Liquidation of a company – also known as winding-up – means a liquidator is brought in to sell off and realise assets, pay creditors from the proceeds, and wind down the business in an orderly way.

During the process, the control of business assets, operations, and financial affairs transfers to the liquidator, bank accounts are frozen and employees might be terminated. Liquidation is not to be confused with bankruptcy, which applies only to individuals.

If it’s an insolvent business (ie the company owes more than its assets will realise), the liquidator will investigate what went wrong. Most liquidations are commenced by the directors/owners of the company, but some are started by a court appointing a liquidator if the directors have not done it first. Liquidation might be the only solution for companies that can’t pay their debts. Sometimes it’s logical for the liquidator to continue trading the business where for example the business can be sold.

Although liquidation is an insolvency procedure, solvent companies can utilise it voluntarily to permanently shut down the business in an orderly manner – via a members’ voluntary liquidation. This can be a tax-efficient way of distributing pre-CGT distribution to shareholders tax-free.

When a company is liquidated, the liquidator will realise all company assets to repay creditors. The exact process can vary depending on the type of liquidation, but secured creditors and  employees owed entitlements are paid before most other creditors. Shareholders are paid last, if there is anything left after paying the debts. The company is then deregistered with ASIC so it’s no longer in existence.

Once a company goes into liquidation, unsecured creditors can’t commence or continue legal action without a court’s permission. The liquidator takes over the company and he/she will investigate and report to creditors about the company’s operations. The other obligation of a liquidator is to do a review of how and why the company got into financial trouble and then report certain aspects to ASIC.. Company directorshave an obligation to assist the liquidator by helping them find company property, providing records and books, and offering other types of help.

In a liquidation, once the liquidator makes his/her final report to ASIC, the liquidation is complete and the company will be deregistered.

While the liquidation process follows specific steps, there’s no fixed time frame for how long it might take and no time limit on how quickly the liquidator has to wind up the company. The liquidator will take as long as required to complete all matters. Some liquidations could conclude in as little as three to six months from start to finish; others might take years depending on the size of the company and the complexity of its affairs.

For an average-sized business, the liquidation process could take 12 to 18 months or more. Factors like company structure and dealings before liquidation can impact the time frame.

Yes, a company in liquidation could continue or resume trading. Generally, this only occurs if the liquidator thinks continued trading is the best result for all concerned. It’s most common in cases where the liquidator considers the business to be a going concern or where he/she decides the company should keep trading to complete and sell works in progress, stock and even services.

The liquidator usually trades -on if he thinks the business has some value in a going concern state. Trading usually also enhances asset recoveries such as debtors ledgers and good prices for inventory sales.. However, this is temporary and it doesn’t mean the company will return to normal trading but the business might be saved by having it sold to another company, sometimes even related companies.

For solvent businesses, liquidation (members’ voluntary liquidation) offers an orderly way to realise assets and wind up a company before permanently ceasing trading and it can also be a tax-effective way of distributing pre-CGT asset recoveries to shareholders tax-free. If the company has been dormant, liquidation allows it to be deregistered.

For insolvent businesses, it could be a way to avoid insolvent trading. Given directors have a duty to prevent insolvent trading, entering liquidation could be the right option if the company has no prospects for returning to viability and solvency. So liquidation can prevent the company from incurring further debt and reduce the risk of directors facing the serious penalties associated with insolvent trading.

Additionally, liquidation brings in an outside expert (the liquidator) for an independent review of the company’s operations. Creditors and other stakeholders can find out what’s going on and get back all or some of their debt. Outstanding debts are written off and the stress of running a business in financial strife will be eliminated. Note: in some cases, businesses won’t choose to go into liquidation, but be ordered by a court to do so.

If you’re a director of a company in liquidation, you might already know credit reporting agencies do record directors of businesses that enter liquidation. When a lender conducts a credit record search, the names of any companies liquidated in the last seven years with you as a director will come up. This won’t apply if it was a solvent company entering members’ voluntary liquidation, however.

So, lenders can see that your company was liquidated but, depending on the lender’s criteria, it might not be a significant concern, especially if you’re applying for personal financial products rather than business loans. Personal bankruptcy and/or criminal or civil penalties relating to insolvent trading would likely have a bigger impact.

Note: liquidation is different to bankruptcy, as bankruptcy applies only to individuals and liquidation is a specific winding-up process for insolvent (and sometimes solvent) companies.

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