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When a company becomes insolvent, it may enter liquidation. But what happens when a company goes into liquidation? A liquidator takes control, sells assets, investigates financial affairs, and distributes funds to creditors. Employees are usually terminated but may access unpaid entitlements through the Fair Entitlements Guarantee. Directors lose control of the company and may face scrutiny for insolvent trading. If tax obligations remain unpaid, they may also face a Director Penalty Notice. For companies that might still be saved, a small business restructure may be an alternative. For personal debt issues, seek bankruptcy help Penrith.
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