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Last 20 companies going into liquidation
|COMPANY||CODE||DATE OF LIQUID||NOTICE|
|MORETON RESOURCES LTD||MRV||16 Jul 20||At the 15 July 2020, creditors of the MRL and its subsidiaries resolved to place the group in liquidation, appointing Grant Sparks and David Orr of Deloitte Financial Advisory as Joint and Several Liquidators of the Group.|
|BCD RESOURCES NL||BCD||29 Jun 20||Christopher John Palmer appointed Liquidator|
|WPG RESOURCES LTD||WPG||25 Jun 20||Adam Nikitins of Ernst & Young is appointed Joint and Several Liquidator|
|COOLGARDIE MINERALS LIMITED||CM1||28 May 20||Consent of SMS was not received to the variation to the Recapitalisation Proposal within the time required and accordingly, the Company has proceeded into liquidation pursuant to the terms of the DOCA. The Company will be deregistered from the ASX as a result of the liquidation.|
|CUDECO LIMITED||CDU||30 Apr 20||Jeremy Nipps and Matthew Joiner of Cor Cordis have been appointed as liquidators of the Company|
|PROTO RESOURCES & INVESTMENTS LTD||PRW||29 Apr 20||Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher Partners appointed liquidators|
|AUSTRALIAN CAREERS NETWORK LIMITED||ACO||16 Apr 20||on or about this date the company was placed into liquidation, to our knowledge the liquidators are KPMG|
|MISSION NEWENERGY LIMITED||MBT||17 Mar 20||Gregory Alexander Russell is appointed liquidator|
|AED OIL LIMITED||AED||11 Mar 20||Andrew Hewitt of Grant Thornton appointed liquidator|
|NOBLE METALS LIMITED||NMM||03 Mar 20||Giovanni Maurizio Carrello and Shaun William Boyle of BRI Ferrier appointed liquidators|
|FREEDOM INSURANCE GROUP LTD||FIG||21 Feb 20||Shareholders passed the resolutions in items 1 through 4 by their requisite majority at the EGM held today at 10:00am (Sydney time) on a poll. Shareholders of the company resolved to enter into members voluntary liquidation and to appoint Joseph Hayes and Andrew McCabe of Wexted Advisors as liquidators of the company.|
|TARGET ENERGY LIMITED||TEX||17 Dec 19||On 17 December 2019, the company was placed in liquidation by order of the Federal Court of Australia. The petitioning creditor was Mr Laurence Roe, the former Managing Director of the company, who was owed entitlements arising from his employment with the company.|
|ONEMARKET LIMITED||OMN||02 Dec 19||The securities of OneMarket Limited will be suspended from quotation immediately under Listing Rule 17.2, following release of the results of its general meeting, where shareholders approved the resolution to commence a voluntary winding up and delisting of OMN from ASX Limited. OMN will be removed from the Official List of ASX at the close of trading today, in accordance with Listing Rule 17.11.|
|INDUS ENERGY NL||IND||11 Nov 19||Bryan Kevin Hughes and Daniel Johannes Bredenkamp appointed liquidators|
|RUBICOR GROUP LIMITED||RUB||01 Nov 19||At the 1 November 2019 reconvened second meeting of creditors, it was resolved that all Australian entities within the Rubicor Group be placed into liquidation. As a result Joanne Dunn & John Park of FTI Consulting were appointed Liquidator.|
|LANTERN HOTEL GROUP||LTN||31 Oct 19||At the 28 October 2019 meeting of members, the shareholders of the company resolved that Messrs Brian Silvia and Geoffrey Granger of BRI Ferrier be appointed as Joint and Several Liquidators.|
|US RESIDENTIAL FUND||USR||30 Oct 19||Darren John Vardy appointed liquidator|
|BIG UN LIMITED||BIG||23 Oct 19||Neil Cussen of Deloitte appointed liquidator|
|VIVID TECHNOLOGY LIMITED||VIV||18 Oct 19||At the second meeting of creditors on 18 October 2019, creditors resolved that the company would be wound up and that Peter Gountzos and Richard Cauchi be appointed as joint and several liquidators of the company the same day.|
|MERLIN DIAMONDS LIMITED||MED||20 Sep 19||Justice Oâ€™Bryan appointed Mr Salvatore Algeri and Mr Timothy Norman, of Deloitte Financial Advisory Pty Ltd, as joint and several provisional liquidators to Merlin.|
Liquidation normally occurs when a company has failed and creditors resolve that it be wound up.
The company goes into liquidation when a registered liquidator is appointed to conduct the winding-up of a company and the liquidation of its assets. A liquidator is generally appointed on the grounds that the company is insolvent and there is no better way for creditors to maximise their return than from liquidating the assets.
Shareholders may place their company into voluntary liquidation, if, for example, they think it is going nowhere and they may as well sell off assets, discharge liabilities and get back the remainder. A liquidator can also be appointed by the court or a company can voluntarily place itself in liquidation or it can end up in liquidation after a vote of creditors. In the latter case it generally occurs because a viable arrangement is not possible during the course of a voluntary administration.
What is the liquidator's role?
The liquidator terminates company activities, collects and sells the assets and distributes the resulting funds to creditors in accordance with statutory priorities. One of his or her major tasks is to admit claims by creditors and then pay them according to priorities set out in the law.
In liquidation, no person can perform or exercise any function or power as an officer of the company other than with the liquidator's written approval, although this does not technically remove the directors from office. However, they are stripped of all their powers. Note that a company can also be in provisional liquidation, a sort of half-way house status, while enquires are made about the financial situation of the company pending liquidation, some other form of external administration, or returning the company to the control of the directors.
What does it mean to you as a shareholder?
Generally this is the worst possible outcome for shareholders. Rarely in circumstances where the company has failed, is there anything left over for distribution to shareholders.
Remember who your directors and executives were and resolve to avoid in future any companies they may be involved in.
Finding your company
If your company has been delisted or is suspended from quotation it may well be in liquidation. You can click on the link below to see a list of all companies in liquidation (for members only) or find a specific company that is in liquidation by:
If you are unable to find your company or the information is incomplete or incomprehensible we recommend you send us a message and we will try to assist.
Please bear in mind we are unable to help with private companies, public companies that have never been listed or with companies domiciled outside Australia or New Zealand. The Australian Securities and Investments Commission on 1300 300 630 or the NZ Companies Office on 0508 266 726 may be able to assist you with other companies.
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