Can the IRD hold you personally responsible for your company debts? Any company debts you have with the IRD are split into three areas, GST, income tax, and PAYE, or pay as you earn. It is important to keep in mind that both GST and income tax are considered company debts and you as a director will not be made personally responsible for it, meaning these debts can be written off during the process of liquidation. As a company director you will need to keep on top of your PAYE, holding pay as you earn and Kiwisaver in trust for the IRD. If you have not done this you could be held personally liable.
The best thing you can do when it comes to insolvency and liquidation is act quickly before legal action is taken against your company. Debt Solvers can offer you a number of solutions to the insolvency problems your company is facing, so give one of our friendly team a call today for a no-obligation, confidential chat.