Tag: directors
Are you trading while insolvent? (Are Australia’s laws too rigid?)
If you are a director when your company is found to be trading while insolvent, then you face penalties of up to $220,000 and/or 5 years’ imprisonment! And that’s even if you didn’t know about it, because Australian law says that as a director, you should have known. Crikey! Fair suck of the sauce bottle! (And insert other intentionally overt Aussie slang tirade here.)
Phoenix companies are on the rise in Australia, according to research
Corporate remnants of the global financial crisis are back. According to new research by Vera Advantage Bureau, “phoenix companies” are on the rise. These companies have come back in the guise of new entities and are hiding their bad credit history by starting over on a clean slate. According to the report, the news has spooked many business owners.
