What is a Liquidation?
Winding up a company: a liquidator sells what is left and pays creditors in order.
Liquidation ends a company. Suppliers and customers owed money become creditors and may receive cents in the dollar, months later. For you, a supplier in liquidation means deposits at risk and orders that may never arrive.
Supplier Watch raises a Critical alert when a supplier's register entry shows liquidation or an insolvency case.
What to do
- Stop paying deposits and lodge a proof of debt with the liquidator.
- Find an alternative supplier before stock runs out.
- ASIC's published notices list appointments.