3. I am a creditor of a company which has refused to repay a debt to me. I also have grounds to believe that the assets of the company are in jeopardy and are being dissipated. I know I can present a winding-up petition but it will take a few months before the company can be wound up. What can I do to protect my interest and to safeguard the company’s assets in the meantime?

3. I am a creditor of a company which has refused to repay a debt to me. I also have grounds to believe that the assets of the company are in jeopardy and are being dissipated. I know I can present a winding-up petition but it will take a few months before the company can be wound up. What can I do to protect my interest and to safeguard the company’s assets in the meantime?

You can apply to the Court for the appointment of a provisional liquidator after you have presented a winding-up petition. The provisional liquidators will take the necessary steps to preserve the assets of the Company.

A sum of $3,500 must be deposited to the Official Receiver’s Office for the appointment of a provisional liquidator (for the purpose of covering the fees and expenses to be incurred in relation to such application). Additional sums may be required to be deposited when necessary.