Insolvent Trading
The importance of recordkeeping
The Liquidator, creditor or the ASIC – or whoever alleges a breach of the Corporations Act – must usually prove the facts for insolvent trading.
They will examine a company’s financial records to correctly record and explain the transactions of the company and its financial position.
If you fail to maintain adequate books and records, and the company is later placed into liquidation, it may be presumed your company was insolvent for the period of time that adequate records were not maintained.
There is a way out. Weigh up your options with assistance from The Insolvency Experts.
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Insolvent Trading Videos
Introduction to Insolvent Trading
An Introduction to Insolvent Trading
Of course, here we are not talking about people who are trading as Sole Traders or in a Partnership as in these types of trading situations...
Watch the larger version: An Introduction to Insolvent Trading Video
ASIC on Insolvent Trading
ASIC on Insolvent Trading
The ASIC has recently put out practical notes and guidance rules for all directors in relation to Insolvent Trading...
Watch the larger version: ASIC on Insolvent Trading Video
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