If a business is struggling with debt, it may feel like bankruptcy or closing the business is the only option.
Bankruptcy only applies to individual and when it comes to ending the business, it is called Liquidation. When a company can’t pay its debts then it goes into liquidation.
It stops operating and the company assets are sold in an attempt to pay off the debts.
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DIRECTOR PENALTY NOTICE (‘DPN’) Company directors and their advisers need to be aware that non-lodgment of Business Activity Statements (‘BAS‘) and Superannuation Guarantee Charge (‘SGC‘) Statements with the ATO could lead to the directors becoming personally liable for these deb