190 - 3 Ways To Wind-Up Your Business

Business Legal Lifecycle Podcast

Today we're talking about the winding up of your company. Sometimes it's good sometimes it's bad. Here are three ways you can wind-up up your company. Voluntary winding-up You've decided that you want to wind up your company because you don't want to use it anymore. So there you can actually go to ASIC and voluntarily wind-up the company. 2. Deregistration All members of the company need to agree to deregister the company. The company must no longer be conducting business. You also cannot have any outstanding liabilities or debts. Nor can the company be involved in any legal proceedings. 3. Involuntary wind-up This can occur for a number of reasons. You may not be able to pay your debts. You can let another creditor actually wind-up the business but this is an option of last resort. You will lose all control of the process so be sure this is really the only option Left.