What information does the Liquidator send to creditors?

The Liquidator is required to convene a meeting of creditors within 11 days of his appointment by the members/shareholders of a company.

The meeting of creditors is convened by advertising in a daily newspaper circulated in each state in which the company traded.

In addition, creditors are contacted directly by way of a short report attaching;

* Form 509 - Statement of Affairs - this is a statement of assets and liabilities of the company.

* Listing of Creditors names, addresses and amounts - each creditor received notification of all creditors.

Directors should note the Form 509 - Statement of Affairs is the short form of a document known as the Report as to Affairs - Form 507.

The latter document is simply the Statement of Affairs in greater depth as schedules of assets and liabilities are required to be completed in detail.

The Report as to Affairs - Form 507 is a document tabled and discussed at length at the meeting of creditors.