Company directors have a general duty to prevent a company from trading if it is insolvent. A director of a company which continues to trade whilst it is insolvent may be liable for insolvent trading.
Signs of Company Insolvency?
Directors can face insolvent trading claims if they continue trading when their company is insolvent. So how do you determine if a company is insolvent?
What is a Director Penalty Notice?
As a director, you must ensure your company complies with certain tax and super obligations – failure to do so, will result in your personal liability.
ASIC Taking Steps to Stop Illegal Phoenix Activity
The ASIC is currently taking steps to combat illegal phoenix activity. The ASIC has advised “illegal phoenix activity is a serious crime and may result in company officers (directors and secretaries) being imprisoned.
ATO Garnishee Notices: Don’t risk an empty bank account!
The ATO has actively issued Garnishee Notices recently. If you owe the ATO a debt which is not on an arrangement, act fast to avoid an empty bank account.
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