Top 5 Things To Know About Insolvent Trading with David HillMay 22nd, 2018
- The law asks, “Is the company insolvent?” If yes, then the Directors must act immediately or they may be personally liable for debts that the company incurs after the date of insolvency.
- 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.
So please make contact with us today. We’d love to help you find a solution.
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David has over 15 years in the insolvency industry – advising clients through restructuring of their business. His clear, “straight up” style provides clients with a strong direction of what they need to do, and how the process will work. As importantly, he brings empathy to the process – which is essential at a “high-stress” time for clients.
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