QLD Personal and company debt

[Bald1974]

hi,

About 4 years ago i was the director of my company and sold my business on going on concern.

My company was deregistered and i believe this sale resulted capital gain tax.
I have also have debt to my personal credit card and business overdraft which i believe i was a guarantor.

I offered lump sum payment to my creditors which wont be accepted i think.

The debt is unmanageable and occured so much interest.

I know i have 2 years for my debts to be statue barred..

So my questions are;

1) if I declare bankruptcy, will i be liable personally for any capital gain tax ATO may issue in the future due to sold of my business or I should also declare my company bankrupt in order to avoid ATO capital gain tax debt for my company( it has been deregistered for 3 years now)

2) i want to know legally which way would be quicker to get on the my feet again.
Wait another 2 years and see if my creditors will get judgement against me and then declare bankruptcy or just declare bankruptcy now.
Many thanks in advance

 

[Colin123]

HI Waalex, it seems there’s insufficient information to really provide a direction related to your tax and other debts.
- What assets do you have?
- are the assets in joint names? Individual, company.
- You say you sold the company, yet indicate declare the company bankrupt? FYI there’s no company bankruptcy however see some information of other company insolvency.
- what are your personal debts?
- what work do you do now? Employed, self employed?
There’s some information on the various forms of insolvency on my website.

Here’s also the tax debt page - though that page is related to loans to pay tax debt, depending on your situation it may not be practice.
However, to really know would require more detail.

I would have advised business turnaround or liquidation to relieve the debts, however the business has been sold.
Regards
Colin

 

[Scruff]

I offered lump sum payment to my creditors which wont be accepted i think.

How long ago was this offer made and when was the last correspondence from you in regard to these debts?