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Directors’ Duties
ASIC has released a consultation paper aimed at giving guidance to directors about their duty to prevent insolvent trading.
ASIC Launches Insolvency Portal
June 2009
The Australian Securities and Investments Commission (ASIC) has published an insolvency guide on it website to help a range of interested parties to understand the consequences of a company becoming insolvent, being wound up or entering into voluntary administration. The information includes information for directors, creditors, employees, investors, shareholders and liquidators as well as answers to frequently asked questions and other resources and specific information sheets for each category of interested party.
The information is of particular assistance to directors in understanding their obligations:
“ASIC aims to ensure that company directors are aware of their obligations to avoid trading while insolvent, and to take appropriate action, such as getting advice, at the first signs of difficulty. The consequences and impact of corporate insolvency, and flow-on effects to other stakeholder groups, can be mitigated or minimised if directors act early and responsibly”.
ASIC’s insolvency guide can be found on its website: www.asic.gov.au/insolvency