Make sure that you are aware of your responsibilities as a director.
Under the Corporations Act a director is not only a person who has gone through the formal process to sign on as a director but can also include individuals who act in the role without being formally appointed.
What this means is that if you are in a position of authority in a company and you are directing the operation of that company but have not officially become a director then ASIC may well treat you in the same way that it would treat an actual director if the company were to get into difficulties.
Early action can improve the range of options available and reduce uncertainty for directors, creditors and stakeholders.
Book a ConsultationSo what are your duties if you are an official or deemed director of a company.
So what are the indicators of a company that could be insolvent.
We review the immediate circumstances, stakeholders, risks, documents and timing so the situation is understood before decisions are made.
We explain available pathways in plain English, including the practical consequences of each option and what may happen next.
Where an appointment or formal process is required, we communicate clearly and focus on practical, commercially sensible outcomes.
Every matter is different, but most engagements follow a clear sequence of review, communication, implementation and reporting.
JLA listens to the circumstances and identifies the immediate issues, stakeholders and time pressures.
Relevant information is reviewed so the available options and risks can be understood.
Stakeholders are contacted where appropriate and the process is explained clearly.
The agreed strategy or formal process is implemented with attention to compliance and practical outcomes.
Progress, decisions and next steps are communicated throughout the engagement.
If you think that you may be in a position where you are currently breaching or suspect that you may breach your directors responsibilities in relation to insolvency then you need to get expert advice as soon as possible.
Jamieson Louttit and Associates are expert insolvency advisors who can give you unbiased advice in terms of what your options are, what your next steps should be and how to minimise your liability.
Call us today on 02 9231 0505 for a free initial discussion in terms of how we can help you.
Call 02 9231 0505 today for a free, confidential discussion about your situation and how we can help.
Contact JLAIf this situation affects you, your business or a company you deal with, confidential advice can help clarify the next step.