Top 5 Things You May Be Liable For When A Company Is Liquidated with David HillMay 22nd, 2018
- If your business holds a lease for a property, and this might be if you’re in retail, it is likely that you will have signed a personal guarantee. You will therefore be personally liable for any shortfall in rent when you liquidate.
- 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.
- 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.
- 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.
- Depending on your lodgements to the ATO for BAS, you may be liable for unpaid superannuation and PAYG.
So, please make contact with us today. We’d love to be able to help.
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David has over 15 years in the insolvency industry – advising clients through restructuring of their business. His clear, “straight up” style provides clients with a strong direction of what they need to do, and how the process will work. As importantly, he brings empathy to the process – which is essential at a “high-stress” time for clients.
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