A company fails for a few reasons, and usually due to forces outside of a directors control. I can understand if the director stole money from the company to the detriment of staff but failure due to economic circumstances and business partners stealing money does not warrant a LOCKDOWN DPN for company debts to be issued to a director who did everything in their power to
1. Turn the company around and get ontop of debts
2. Appointed a liquidator
I didn't steal money from my failed company. the only creditor was the ato. I appointed liquidators which cost me 200k over 2 years. I was then issued a lockdown dpn for company debts and I have no hope of repaying this staggering amount of 175k which is causing me significant personal distress. I have a house where live with my spouse who is recently pregnant
Where is the sense in transferring liquidated company debts after I I did what I could? What do you do when you have a business partner who stole 250k in the form of shareholder loans and fails to repay?
I did not materially benefit, did not steal money, repaid upto 50k in cash in my director loan account but was late on lodgements and missed super payments - even these SGC lodgements were calculated incorrectly.
After entering liquidation I should not be held responsible for these debts.
cannot believe the ATO thinks it reasonable to create a liability in the name of the director under some fairy floss premise that its realistic to expect this company debt be repaid.
It destroying my life. My wife is talking about and I risk losing the family house on the way to homelessness. How is this acceptable for the ATO to enact such life destroying policies - AFTER liquidation?
Please advise. I need help and some sense made of this.
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