A Company is trading Insolvently when it can’t pay it’s debts when they are due.
A director can be made personally liable for the debts of the company if the director had reasonable grounds for suspecting the company was insolvent.
Claims can be brought against a director from a Liquidator, Creditor or ASIC. Now if you’re a director of a company that was trading insolvently, don’t delay and get our legal advice as there are some Defences you might have to the claims brought against you.
Posted in Insolvency & Bankruptcy
