Am I Going Bankrupt When I Liquidate My Company?
“Am I going bankrupt when I liquidate my company?”
A lot of people get confused about company liquidation and bankruptcy. When you liquidate a company there should be no reason for you to go personally bankrupt, unless you have significant personal liability or debt, but even then bankruptcy should be a last resort. Company liquidation is by definition about your company and not your personal assets. You as the director, are protected by company law and have limited liability for its debts, hence the PTY. limited. So, the short answer is, no, you’re not going bankrupt when you liquidate your company, but please do call us for specific advice on your situation.
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