INSOLVENCY, VOLUNTARY ADMINISTRATION & LIQUIDATION EXPERTS

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When can you become personally liable for a business debt?

The purpose of having a company is to separate liability from the company and its directors.

However, in certain circumstances a company director can personally become liable for a business debt, if the director has done one of the following:

  • signed a personal guarantee to secure payment of a business debt;
  • incurred a debt knowing the company was insolvent; or
  • failed to comply with a Directors' Penalty Notice issued by the Tax Office demand within time.

If a company director has become personally liable for a business debt and cannot pay that debt, the director may need to consider personal bankruptcy.


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Liquidation Direct - Experts in Insolvency Indicator. Low Cost Liquidation specialists for voluntary liquidation, voluntary administration, bankruptcy and Part X Personal Insolvency Agreement and Part IX Debt Agreement. Operating as Liquidators in Sydney, Liquidator in Melbourne, Liquidators in Brisbane, Adelaide and Perth.Tax Debt - LiquidationInsolvent Trading
Liquidation Direct - Experts in Insolvency Indicator. Low Cost Liquidation specialists for voluntary liquidation, voluntary administration, bankruptcy and Part X Personal Insolvency Agreement and Part IX Debt Agreement. Operating as Liquidators in Sydney, Liquidator in Melbourne, Liquidators in Brisbane, Adelaide and Perth.Call Now - LiquidationEnquiry - Insolvent Trading

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