Presenter Doug Constable on Choosing a Liquidator or a Trustee ~ Having Your Say


So when you’re choosing a liquidator or trustee to your business, there are several things to look for I think. One of the things is it doesn’t matter whether it’s a big firm or a small firm, what you want is someone that you can become a person as opposed to just just a number.So if you declare yourself bankrupt or you put your own company the liquidation or you’re forced into it. The difference is is that if you do it yourself, you get to have a bit of a say in the type of trustee that is going to manage your affairs. As opposed to, if the courts do it in the case of liquidations they will just nominate the next one on the list. So when you’re looking for someone, again look for someone that you can talk to you don’t have to agree to go with the first person you talk to. Yeah that’s one of the advantages of dealing with a pre insolvency person which I’ll talk to you about later on, in another time.

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So liquidators can fall into a number of different categories, the first one is the one that I know quite a few of that will put their arm around you and say “yes, we’ll look after you and we’ll take care of your business and we’ll help you through this crisis.” and then as soon as you sign all of the forms, they go out to your place and take control of everything and grab all of your assets. The next type is the type that just straight out will grab all your assets. The third one is the one that would look after what they’re entitled to as liquidators and bankruptcy trustees and not try to the take the extra or give you the opportunity to work out what assets you can rightfully retain. And they are the type to deal with and it doesn’t matter whether it’s a big firm or a small firm. A trustee or liquidator to deal with is one that you can communicate with and will give you a fair balance.

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