Everything must go: Behind the scenes at the Robinsons liquidation

WINDING up a company invariably causes anguish, frustration and confusion among its creditors, despite it being a process that is not unheard of. Case in point: department store Robinsons, owned by Robinson & Co, which is now in the process of being liquidated. Others include Hyflux, Manekineko karaoke owner Koshidaka Singapore, Hin Leong Trading, and Naiise, which have recently taken the liquidation route.

Cameron Duncan, KordaMentha partner and the liquidator for Robinson, takes us behind the scenes of a liquidation process, using the well-known and much-loved department store as an example. With shrewd strategy and canny negotiations, the liquidation of Robinsons has resulted in outcomes that were much better than expected for the beleaguered retailer.

The duties of the liquidator are to secure and realise the assets of the company in liquidation, adjudicate the claims of its creditors, and then distribute the assets to those creditors with valid claims, says Mr Duncan.