Pialligo Estate has been a high-profile ACT business casualty. Photo: Ian Bushnell.
Currently, our local economy is going through the effects of what some call financial long-COVID on businesses. We are seeing too many businesses closing their doors and/or going into insolvency, liquidation or administration.
There are plenty of bad and sad impacts from these events. The impacts are on workers, suppliers, customers, shareholders and lets never forget the owners and the owners families and friends.
There is also the Australian Taxation Office (ATO), which is always owed tax of some sort, whether it be GST, PAYG, company tax or some other tax from the myriad of taxes that businesses have to collect and pay.
Who gets first dibs on any fu…
Read the full article at: https://the-riotact.com/who-gets-the-money-when-a-company-goes-bust-hint-its-not-necessarily-who-you-think/656113