Top 5 Things To Know About Insolvent Trading with David Hill
- The law provides a range of options to directors who suspect insolvency, and they are designed to save the company.
- Insolvent trading can attract harsh penalties and disqualification for managing a company, fines of up to $200,000, to even criminal charges.
- A liquidator has six years from the beginning of the liquidation to commence an action for insolvent trading.
- If you have received a letter from the liquidator saying you are personally liable under insolvent trading laws, then it is a serious matter. You should immediately seek professional advice.
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