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How does a company get put into Liquidation?

A company liquidation involves appointing a liquidator to wind up a company’s affairs. The first step in a liquidation is to ascertain and then realise (sell) any company assets. Any funds that become available from the sale of the assets will be distributed according to the order set out by the Australian Corporations Act. When all assets have been sold

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Can I become personally liable for company debt?

A Pty Limited or Limited company is essentially an entity unto itself, meaning that any assets or debts belong to the company. However, there are some instances in which a company director can become personally liable for company debts: 1. Personal guarantee 2. Insolvent Trading 3. ATO debt Personal Guarantee When you sign a personal guarantee with a creditor or

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ISA sharing some insight on SMH

What are my Insolvency Options? Many Australian businesses continue to face financial hardship after the Global Financial Crisis. Many businesses don’t ask for help at the right time, or they don’t receive the right assistance. For those who are looking to get out of their debts and opt for bankruptcy, the specialists at ISA are offering the following options for

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