Many people we speak to here at the Australian Bankruptcy Service have found themselves in financial trouble due to unpaid business debts. If you have or had a business and you have become personally liable for any debts of the business, then we recommend that you read this post very carefully.

Becoming personally liable for a business debt can be a double whammy. Not only could you lose your business but if you have gone into debt to fund the business (or you have provided a personal guarantee for a business debt) then you will be personally liable in the event that the debt is not paid by the business.

You may also become personally liable for a debt to the Australian Taxation Office if you were a director of the business and you received a director’s penalty notice.

If you have creditors that are demanding payments or threatening legal action then you need to seek professional help immediately.

The situation becomes far more complex when you have a combination of business debts and personal debts and we recommend that you obtain advice from a business debt advisor. We also have business debt advisors who can assist, call now on 1800 462 767. Our toll free telephone line is open 24 hours everyday / 7 days a week.

All calls are free, entirely confidential and if required, anonymous.