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ACC701- Accounting Financial

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In recent years a number of companies have gone into liquidation (been ‘wound up’) because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicized examples such as ABC Learning, HIH Insurance and One.Tel phone company Required Discuss all three companies above and find (via electronic journals) the events that led up to the liquidation. Visit the CPA website; discuss APES 110 Code of Ethics for Professional Accountants. Highlight 5 codes of ethics. Visit the ASIC website and discuss the Listing Rules governing listed ...

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Question Preview:

In recent years a number of companies have gone into liquidation (been ‘wound up’) because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicized examples such as ABC Learning, HIH Insurance and One.Tel phone company Required Discuss all three companies above and find (via electronic journals) the events that led up to the liquidation. Visit the CPA website; discuss APES 110 Code of Ethics for Professional Accountants. Highlight 5 codes of ethics. Visit the ASIC website and discuss the Listing Rules governing listed companies in terms of corporate governance. Were liabilities a major factor contributing to the liquidation of individual companies?

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Liquidation is the method to distribute the assets to the claimants after the collapse of the business. It is the outcome of the scenario in which a company not capable to pay its dues. When a company put a stop to the operations, the enduring current and fixed assets would distribute to the shareholders and creditors based on their eligibilities for the claims. The process of the assets allotment would monitor and control by the trustee who is appointed by the Department of Justice. A registered liquidator is appointed to take control of assets and wind up the affairs of a company. Liquidators are appointed by the mutual understandings of the directors and shareholders. Liquidators are played a crucial role to process all the formalities quickly and easily during the liquidation. Sometimes, liquidators are appointed by the courts are known as official or court liquidators. The liquidation process involves various activities such as liquidator would control over the company assets, the director would deliver the books and records to the liquidators, creditors meeting within two weeks after appointing the liquidator, and liquidator would investigate the company assets, records, dividends, and debts. The priorities would be given to the claims of the senior most creditors. The lenders would have the right to take possession of the collateral and sell it for covering their debts. Next, unsecured creditors like bondholders, the government and employees would receive the claim amount. Finally, shareholders would receive the enduring assets. The investors would have the priority to possess the common stocks. Liquidation involves the sell out the inventories. Hence, liquidation is the practice to wind up and finalize a company’s functions. Liquidation occurs when the company is insolvent, unviable, conflicts between directors and shareholders and so on.  

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