This note explains the purpose of voluntary liquidation, the two types of voluntary liquidation (creditors' voluntary liquidation and members' voluntary liquidation) and the circumstances in which each can be commenced. It explains the procedural steps necessary to effect and conclude a creditors' voluntary liquidation and a members' voluntary liquidation, and the limited circumstances in which a company may simply be deregistered. It also discusses the key changes to those processes introduced by the Insolvency Law Reform Act 2016 (Cth) and related subordinate legislation.