Our client Chris, along with another director operated a small petrol station in Sydney. Much like many other people, Chris put all his trust and confidence in his business partner, who assured him that the maintenance and financial stability of the business, along with all legal responsibilities would be well taken care of.
Unfortunately, the business suffered financially, and debts quickly escalated. With financial pressure intensifying, Chris and the other director could no longer see eye to eye and a decision was made to close down the company.
Almost a year later, corporate watch dogs audited the company along with both the directors and found many gaps in the books and records of the business. Chris was subsequently hit with a tax bill of almost $150,000.00 from the ATO, for affairs arising from the company and the petrol station business. Coupled with this, Chris was also facing other sanctions and penalties from the Australia Securities and Investment Commission.
Stressed and concerned, Chris sought One Law’s assistance and we successfully negotiated a deal with the ATO. We managed to get Chris a good outcome which meant he only had to pay back a fraction of the initial amount, especially noting the other director had disappeared and was nowhere to be found.
