A Guide for Directors: Reducing the Burden in the Initial Stages of Liquidation

It is important that Directors understand there may be legal and financial ramifications of such an omission. The Corporations Act 2001 (“the Act”) stipulates the mandatory provision of a range of Company documents to the Liquidator following an insolvency event. Failure to do so constitutes a breach of Directors duties under the Act, and will be reported to the Australian Securities and Investment Commission.

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