Top 5 Consequences When You Walk Away From Your Insolvent Company Without Taking Any Action with David Hill
- It’s highly likely that debt left in the business will come back to bite you at some stage when you are least expecting it.
- If money is owed to the ATO, then some of this debt may become a personal liability of the Director which opens a far more serious issue for you.
- A court appointed liquidator may be appointed to the business, and then chase you for company information and funds which may be an extremely distressing experience.
- Simply letting ASIC deregister your company does not get rid of any of the debt and a creditor can easily re-register the company and pursue the debt against you and the company.
- A Director has certain obligations that you cannot simply run away from.
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