Tag: insolvency trading law
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.)
