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"Trade Whilst Insolvent and Risk Your Personal Assets"
Directors must prevent their company from incurring debts it is not able to pay.
Directors must acknowledge their responsibility and take positive action when there is doubt as to the solvency of the company.
If a director fails to prevent the company from incurring debts at a time when the company is insolvent, the director can become personally liable for the debts incurred.
This means your personal assets may be at risk.
- What is an insolvent company?
- Who is a director?
- Duty to not trade while insolvent.
- Duty to keep books and records - presumption of insolvency
- What to do if you suspect insolvency
- Directors liability for insolvent trading
- What is required to demonstrate insolvent trading
- Who can commence an action for insolvent trading against the director(s)
- Defences to insolvent trading
- Avoiding insolvent trading claims
Liquidation Direct: Practical Insolvency Services
If you suspect that insolvency may be a concern for your company, it is critical that you seek expert insolvency advice immediately. Liquidation Direct offers expert advice and services in relation to liquidation matters, voluntary administration, bankruptcy and the alternatives to bankruptcy.
If insolvency is identified as a concern, part of our services may include combined meetings with experts from Liquidation Direct and specialised insolvency lawyers to ensure the answer to your specific problem is found quickly and adequately addressed. Liquidation Direct suggests insolvency solutions and engaging an insolvency lawyer only where it is appropriate to do so.
Accessing the best Insolvency Lawyers
When approaching matters involving insolvency law, Liquidation Direct engages the services of the best insolvency lawyers from reputable law firms. We are confident that we will be able to direct you to the most appropriate insolvency lawyer for your specific set of circumstances.
Understanding insolvency law is essential to avoiding personal loss as a director. The information on this site has been checked for accuracy and correctness by expert insolvency lawyers.
Liquidation Experts, Liquidation and Bankruptcy Specialists, Liquidators Registered with ASIC, Bankruptcy Trustees Registered with ITSA, Insolvency and Liquidation Advice, All forms of corporate and personal insolvency, Liquidation throughout Australia, Part IX Debt Agreements, Part X Personal Insolvency Agreement, Bankruptcy Experts.