BRI Ferrier is regularly appointed by courts that determine a business is insolvent and that liquidation is required to protect the interest of creditors.
The appointment enables us to take control of the business and its affairs, allowing for an orderly winding down of operations and realisation of assets.
Various parties may initiate court action. They include creditors, shareholders, company directors and regulators.
There are two types of court liquidation – provisional liquidation and official liquidation.
BRI Ferrier may be appointed as provisional liquidator after a creditor files an application for winding up a business and before the winding up order is made. This is an interim appointment that occurs when a creditor is concerned that a company’s assets are being transferred outside the business or are otherwise threatened. As provisional liquidator, we take control of the business and assets to preserve the status quo pending the hearing of the winding up application.
A court may appoint BRI Ferrier as official liquidator, generally after a company fails to meet the demands of unsecured creditors. On appointment, we take control of a company’s business and assets. We thoroughly investigate the company’s affairs, assess all possible claims and provide timely insights into how the liquidation is likely to proceed. We then implement a strategy to realise the assets, commence liquidator claims, investigate company affairs and report to ASIC.