TYPE COMMENCED BY REASON WHO MAY ACT APPOINTEE TITLE POWERS FROM INDIVIDUALS BANKRUPTCY Bankruptcy Creditor or debtor Realise assets to pay creditors Registered Trustee or Official Receiver Trustee or Official Receiver Bankruptcy Act ARRANGEMENT UNDER PART X OF THE...
This is a brief explanation of some of the terms used in company restructuring and insolvency matters. Asset Any property of value owned by a company which can include tangible and intangible assets. Bankruptcy An insolvency procedure that applies to a natural person,...
It is a common misconception that directors are automatically personally liable for the tax debts of a company. That is not the case. However, it is possible, and fairly common, for a director to become personally liable for a company’s tax debts. So the starting...
Many directors know that the ATO has a range of legal powers and Notices it can send to companies and directors to recover tax debts. Those powers are often significantly stronger than the powers of an average creditor and they can include personal liability for...
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