So u sold the business under a contract of sale and the new purchaser bought it under their company name right?
I really sorry for confusing.
Yes
I sold the business with contract of sale.
The buyer bought it with their own company name.
My company name has been deregistered and my abn has been canceled.
I set up my business from scratch and cost me around $200 k to set up and i sold it for $500 after 2 years.
So i dont really know what tax obligations i have and if i do have i am about to be bankrupt personally because of my personal loans .
If i have any company debt with ato( i dont know if i have or not because it has been 6 years ago i sold the business)
Should i also liquidiate my company and add my potential tax debt to my bankruptcy OR because i will declare bankruptcy, it will clear whatever company debt could be issued in the future..
i also heard directors are not liable for company tax except superannuation debts