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What is the effect of liquidation on the company?
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Liquidation is immediate and serious. Trading companies are usually closed down.
From the date of liquidation, the Official Assignee takes custody and control of all the company’s unsecured assets, and assists secured creditors where necessary. Company assets are collected and sold for the benefit of the company’s creditors.
When the liquidation is complete, the company is struck off the Companies Office register.
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More information
Busniess.govt.nz | Dealing with becoming insolvent
Companies.govt.nz | The register of companies
