What happens if I’m a company director?
You could have a problem with the Tax Office if you receive a ‘Director Penalty Notice’. That means Tax Office is pursuing you for the unpaid PAYG tax and employee superannuation contributions that the Company owes. Bankruptcy solves this problem for you, the monies become owing by the bankrupt estate ‘bucket’.
Once you have declared bankruptcy, you can’t be a company director. ASIC has a form that must be completed and lodged once you become bankrupt – it’s Form 296, Notification of Disqualification from Managing Corporations – Bankruptcy or Personal Agreement. Nicholls & Co, have this form available on their website here.
If you are the only director of the company, it cannot trade once you are disqualified. ASIC will deregister the Company without involvement from you. If you own a proprietary limited company (with assets) that needs winding up, you will need a company liquidator. I can help with this. Call me on 1300 794 492 or email email@example.com and I will point you in the right direction.