Blog Post
The Government changed the Corporations Act in September 2017 to provide, so called, ‘safe harbour’ rules to help directors rescue their company if they are concerned that it can’t or may not be able to pay its debts when they fall due. The new rules soften the subsisting insolvent trading regime which sheets home to directors the personal liability for the debts a company incurs whilst trading at a time that it is insolvent and place a responsibility on directors to put their company into administration or liquidation. Personal responsibility for a company’s insolvent trading debts applies: to someone who…