Super PayG GsT debt filing for bankruptcy
Im in my late 20’s, I got myself in a situation about 3 years ago where where my Dad had to file for bankruptcy with his business because apparently he had some taking him to court for a loss of profit on a job from a few years ago, I was just starting to build a relationship with him again for the first time and both work in the same industry. Anyways I was an apprentice at the time and he sort of explained the situation to me but I never really knew what the consequences were when he asked me to sign on as director for his business while he goes bankrupt and try’s handle this situation, he ensured that he was going to pull himself out within a few months an and any his bankruptcy and carry on as director. Ended up staying on as director for over a year but never took part in running or doing anything with the business I just went about my way within my own job and never really knew much about with what was going on on his side of things with the business. Long story short business got hard for him and he was getting cut short payments from clients and racked up a huge tax, super, payg and gst debt. I received a DPN notice and I’m looking at going into bankruptcy. He had 2 business’s that I was director of both, the one that racked up the debt I put it into liquidation straight away but still have over 500K in debt with super and pay g, with the other business that he’s still running the same business through as all the assets were under this business he recently got a grant back from the government for RND of over 700K, I never had knowledge of this until it was too late and he removed it from the business and paid off his own bankruptcy with the money and his the rest of it which he could of used to pay the debt off and stop me from going bankrupt. I’ve spent a lot of money and a lot of time with accountants and lawyers but I haven’t really found away to get myself out of this yet and I don’t know what to do soo just chasing after some more advice if someone knows or seen a situation like this before.