Top 5 Things You May Be Liable For When A Company Is Liquidated with David Hill

1. If the business owns a vehicle or equipment, which still has finance, it’s likely that there will be personal guarantees, and therefore, again, you will be liable for any shortfall.
2. If you have a bank loan, credit cards, an overdraft, a Prosper loan, these are all normally personally guaranteed, and therefore, you will be liable for any shortfall.
3. If there’s a Director’s loan, i.e., you owe the company money, then this loan will be chased by the liquidator as you are a debtor of the company.
4. Depending on your lodgements to the ATO for BAS, you may be liable for unpaid superannuation and PAYG.

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