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Provisional Liquidation

The purpose of provisional liquidation is to preserve the assets of a company prior to a winding up order. If a creditor or stakeholder is concerned that something will happen to the assets prior to the appointment of a liquidator they can apply to the courts and have a provisional liquidator appointed.

 

Provisional Liquidators are not appointed to act on behalf of creditors and realise the assets but is simply an interim measure aimed at preserving the status quo until a winding up order is made.

 

This is not a common form of liquidation and can only be used in certain circumstances. 

 

 

Related links

Corporations Act 2001

ASIC

 

 

 

What is Provisional Liquidation?

 
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