You have always operated your business honestly and diligently, which includes paying each of your debts within their terms. Unfortunately, not everyone in business plays by the same rules….you have a problem debtor and cannot work out what to do.
If you are a director and member of a company and ready to shut down your solvent business through a members’ voluntary liquidation, you may be wondering how the process looks. In particular, you may be wondering what your role will be as the liquidation progresses.
Read more below to see how you may stay involved with the company throughout the liquidation process and how your role might change if you opt out.
Frydenberg’s announcement may help your small business restructure its debt obligations to trade out of the COVID recession.
The personal consequences of insolvency for directors continue to deepen. Set out in this article are some indicators of when you should be taking advice on your potential exposures.