Checking for Outstanding Debt for Personal and ABN

Ltomieraw on 23/10/2017 - 21:53

Hi Guys,

I'm about to sell a business under my name however I need to find out if there are any outstanding debt under my ABN and name.

The reason for this is I want to settle all debt before selling.

Is there any where I can obtain this information? IE. any outstanding loans taken out for car

Some things I'm aware off.

Tax office - any outstanding gst
Property rent, elec, gas, water, phone, internet
Stock and suppliers

Comments

kipps on 23/10/2017 - 21:59

You can do a PPSR Grantor search to see what security interests exist. There is otherwise no easy way to determine creditors.
Typical16-bitEnjoyer on 24/10/2017 - 12:46

If you were trading under your name and ABN then you likely signed personal guarantees. These will not "sell" or "transfer" with the "business".
This is why you register a PTY LTD and obtain an ACN.

You should have records of all contracts and agreements you entered into. You do have someone doing all your book keeping…right?