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The Corporations Act sets out the rules and procedures for the liquidation of companies. The liquidation of a company is the process of finalising its affairs, which will involve the sale of assets, investigation of past actions, the equitable distribution of the assets of a company amongst its creditors, and thereafter to its shareholders.

There are several types of liquidation:

* Court Liquidation – ordered by a court
* Provisional Liquidation – also ordered by the court but used where an urgent appointment is needed
* Creditors Voluntary Liquidation – initiated by the directors but voted on by the shareholders and creditors
* Members Voluntary Liquidation – being the method used to wing up solvent companies