Insolvent trading is the law under the Corporations Act section 588G that says that if a company is insolvent and a director allows the company to incur a new debt, then the director can be made personally liable for the new debts incurred. The law makes directors responsible for ensuring that their company does not trade while insolvent.
This video outlines the roles and responsibilities of a Company Director while company goes insolvent.
In this video, you will discover the following key points:
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Introduction to Insolvency and PIAs Welcome to Cathro amp Partners 8217 guide on Personal Insolvency Agreements Before we delve into PIAs let 8217 s understand some key concepts Insolvency occurs when an individual or business can 8217 t meet their debt obligations This guide will clarify terms like 8216 debtor
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