Liquidator appointed, page-5

Hi HarryMac

How will it turn out?

Some possibilities are set out by ASIC:

.https://asic.gov.au/for-business/small-business/starting-a-company/small-business-company-directors/company-director-liabilities-when-things-go-wrong/

"Consequences of failing to perform director duties

If you fail to perform your duties as a director, you may:

be guilty of a criminal offence with a penalty of up to a maximum of $200,000, or imprisonment for up to five years, or both

have contravened a civil penalty provision (and the court may order you to pay to the Commonwealth up to $200,000)

be personally liable to compensate the company or others for any loss or damage they suffer

be prohibited from managing a company."

I reckon tangible assets will be sold off. The liquidators will get a fat fee. The shareholders may get a pittance.

I doubt that the company will survive