Peter is a 25 year old director of a small IT company. He is still single and has no assets except for a car. The company accrued a tax debt of over $200k. The company had few other unsecured creditors. The company has no assets. The tax office has sent Peter a lot of correspondence and letters of demand for the tax debt. Peter is not too sure whether he also owes the tax. That is a complicated question. The tax office eventually puts the company into liquidation. The liquidator then sends Peter a letter of demand for insolvent trading. Peter gets some advice from a Trustee. Peter decides that it is best to file for bankruptcy to clear his debts. Peter can still continue to work as an IT specialist although bankrupt. After three years of bankruptcy Peter can then make a fresh start.