Gaunty. The law gives Liquidators first cut of the cake, ahead of the ATO and staff. Usually, it seems, not even crumbs are left! The duration of the Liquidation is usually in direct proportion to the quantum of funds
"to be absorbed".
Without being specific, I recall a Liquidator saying
"Give me $50,000 and I'll put (Company)
into a Deed (of Company Arrangement)
."
I suspect the choice of liquidators, in Northern's case, was determined by a certain oil company. There's a lot to be said for jumping the gun and going into Voluntary Liquidation with a "friendly" Liquidator.
And in another prominent aviation related liquidation we're seeing a new accounting firm created, courtesy of an airline's creditors.
Gaunty, we missed our calling! It seems to be the only profession where rape is both legal and expected! Unless one can legislate to impose an Ansett Ticket Tax.....
