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Criminal Sanctions
There are criminal penalities for insolvent trading.
Under the Act, a director can be fined up to $200,000 where it can be demonstrated that the director acted dishonestly (for example, attempting to deceive creditors as to the credit worthiness of the company) and the Court has the additional power to imprison a director for up to 5 years.
Addtionally, a director convicted under the criminal sanction can be disqualified from managing a corporation for up to 10 years.
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.