Your company was wound up by the court. What happens now?

Control changes immediately

A winding-up order can feel like the doors have closed overnight. For a director, the important change is simple: control moves to the liquidator, not back to the old management team. That means the company now has a different decision-maker, and the safest response is to stop improvising and start preserving the record. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))

That matters because directors cannot keep using their powers once a liquidator has been appointed, and the liquidator can require information, attendance and help with the winding up. In practice, the first day is about cooperation, not argument. If you keep acting as if nothing has changed, you can make a bad situation harder to unwind. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))

Hand over the records

Your immediate task is to hand over every company book and record you hold. The Corporations Act requires officers to deliver books in their possession, tell the liquidator where other books are held, and help as reasonably required. That includes accounting files, payroll, contracts, site diaries, emails and bank records. ([legislation.gov.au](https://www.legislation.gov.au/C2004A00818/2024-09-24/2024-09-24/text/original/pdf/2?utm_source=openai))

Do not wait for a formal request before collecting what you already control. Pull together cloud folders, phones, USB drives, login details and any papers kept at home or on site. Make a simple list of what exists, what is missing and who controls each item so the liquidator does not have to chase fragments later. ([legislation.gov.au](https://www.legislation.gov.au/C2004A00818/2024-09-24/2024-09-24/text/original/pdf/2?utm_source=openai))

Source: Official guidance

Complete the affairs report

You also need to complete the report on the company’s affairs. ASIC says a director must provide a written report about the company’s business, property, affairs and financial circumstances within 10 business days after a court appointment. That report is not the place for guesses. It is where you set out what you know, what you do not know and where the missing records are. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))

If the books are incomplete, say so plainly and link the liquidator back to the source material you do have. A clear report can still help by showing debts, assets, disputed invoices, retention money, projects in progress and any equipment or stock that belongs to someone else. Accuracy matters more than filling every gap. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))

Check your personal exposure

After the company file comes your own exposure. Liquidation does not automatically end every issue tied to you personally. ASIC notes that if the company traded while insolvent, ASIC, a liquidator or sometimes a creditor can start proceedings against directors personally for amounts lost by creditors. That is why guarantees, tax notices and payment histories need a separate review. ([asic.gov.au](https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors/?utm_source=openai))

Do not try to guess the risk from memory. Put every guarantee, loan, indemnity, trust account transfer and director loan on one page, then check dates against the liquidator’s questions and any notices in your own name. If something looks wrong, treat it as a separate problem now, while the paper trail is still fresh. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors?utm_source=openai))

Get advice and cooperate fast

The sensible next step is to get advice and cooperate fast. ASIC says the liquidator may require meetings, information and help with the winding up, so delay only makes the process noisier. If you are unsure what to hand over first, sort the records, the report and any personal exposure in that order rather than trying to solve everything at once. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))

If your company has been wound up by the court and you need a practical plan for the next 24 hours, call CRP today about insolvency services. This article is general information only and not legal advice. A short conversation can help you move through the liquidator’s requests in order without adding more confusion. ([asic.gov.au](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors?utm_source=openai))