Top 5 Consequences When You Walk Away From Your Insolvent Company Without Taking Any Action with David Hill

  • May 21st, 2018
  • David Hill

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. A Director has certain obligations that you cannot simply run away from.

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