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What are the eligibility requirements of a Simplified Creditors’ Voluntary Liquidation?

  • The company’s debts cannot exceed $1,000,000.00 which includes amounts relating to termination of employees (including prior to termination);
  • The company will not be able to pay its debts in full within 12 months of the start of liquidation;
  • The company has to be up to date with the lodgement of all returns, notices, statements, applications or other documents that are required by taxation laws;
  • The company cannot have been under restructuring or the subject of a simplified liquidation in the past 7 years; and
  • Current and recent directors cannot have been the director of a company that has been under restructuring or the subject of a simplified liquidation in the past 7 years.

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