LIQUIDATION DIRECT

Solutions for Businesses in Distress

Duty to not trade while insolvent

Directors have a positive duty to prevent a company from trading and incurring debt while the company is insolvent.

This means that before a new debt is incurred, a director must consider whether there are reasonable grounds to suspect that the company is insolvent or is likely to become insolvent as a result of incurring the debt in question.

An understanding of the financial position of the company only when one signs off on the yearly financial statements is not sufficient. A director needs to be constantly aware of the financial position of the company.


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Liquidation Direct - Experts in Insolvency. Low Cost Liquidation specialists for voluntary liquidation, voluntary administration, bankruptcy and Part X Personal Insolvency Agreement and Part IX Debt Agreement. Operating as Liquidators in Sydney, Liquidator in Melbourne, Liquidators in Brisbane, Adelaide and Perth.

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