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What happens to tax debt?

September 6, 2017

A lot of people believe that tax and other government debt gets special treatment, that is simply not true – government debt is dischargeable in insolvency proceedings (proposals and bankruptcies) just the same as other debts are.¬† There may things to consider such as “director’s liabilities” if you are the director of a¬†bankrupt corporation, in which case you may be personally liable for the corporation’s tax debts.¬† But a personal proposal or bankruptcy may resolve that problem.