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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