Frequently Asked Questions

Does Company Liquidation Cause the Director to Have to Become Bankrupt?

No. However if a company director places the company into liquidation and is personally liable for overwhelming company debts, bankruptcy may be a sensible option. A director will be liable for company debts guaranteed in writing, insolvent trading debts accumulated by the company and monies the company owes the ATO for group tax and statutory superannuation for employees.