Am I going bankrupt when I liquidate my company?November 25th, 2015
Am I going bankrupt when I liquidate my company?
A lot of people get confused between 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/debts, and even then bankruptcy is usually 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 LTD.
So the short answer is NO – you are not going bankrupt when you liquidate your company business.
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