http://www5.austlii.edu.au/au/legis/cth/num_act/ca2001172/s588h.html Web42. Directors are also under a duty (under section 588G of the Corporations Act 2001) to prevent the company incurring debts while it is insolvent. Where they fail in that duty, directors can be ordered to compensate creditors for the debts that were accrued when the company was trading while insolvent and which were not able to be recovered ...

Corporations Act provisions that apply to charities registered

Web21 Mar 2024 · The Corporations Act 2001 (Cth) is a piece of legislation that sets out the duties you have as a director. The 6 duties all company directors must abide by are the duties to: ... The Corporations Act 2001 (Cth) section 588G requires directors to ensure their company does not operate while they’re insolvent. http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s588gab.html microtech apis belt for sale

General Duties of Directors - Corporations Act 2001 (Cth)

WebCORPORATIONS ACT 2001 - SECT 588GAA Object of this Subdivision The object of this Subdivision is to deter the practice (which may form part of the activity sometimes called … WebSection 588G of the Corporations Act 2001 (“the Act”), imposes a duty on the directors to prevent insolvent trading. Under section 588G directors of an insolvent company are prevented from incurring further debts where a director has grounds for suspecting that the company is insolvent. A person commits an offence if: Webincurred” in s 588G(1A) of the Corporations Act 2001 (Cth) (the Act). What, if anything, has this sub-section achieved? One could be forgiven for answering: “not a great deal”. What follows is a possible explanation of why this has been so, and what needs to be done to enable this aspect ofAustralia’s insolvent trading laws to new show foundation