The Australian Securities and Investments Commission (ASIC) considers directors to be the gatekeepers of our financial system, and if performed properly, a director will make sure investors are confident and informed, and our markets are fair, orderly and transparent.
Accordingly, a director has a positive duty to prevent insolvent trading under s 588G of the Corporations Act 2001 (Cth). They must also be aware of the company’s financial position on a regular basis.
SV Voidables are well experienced in recovering and defending insolvent trading claims. If you are served with an insolvent trading claim, give one of our experts a call on 1800 246 801.