Скачать или смотреть Blair Pleash HCTV Director Personal Liability

Todays edition of HCTV focuses on the #directors personal liability. The concept of limited #liability provides a #company with a separate legal identity to it's owners and management. The corporate identity originally developed to pool wealth and encouraged entrepreneurship. There are a number of circumstances in which the corporate veil can be pierced and directors are personally liable for corporate debts. Perhaps the most prevalent is where directors/owners are required to personally guarantee the debts of their company. Personal guarantees are used to secure financing obligations and by trade suppliers to secure trade accounts. The use of personal #guarantees by #credit providers can diminish the effect of limited liability particularly in the #SME sector. Directors can also be personally liable for the company's debts where the company engages in insolvent #trading. That is if the directors permit the company to continue to incur #debts in circumstances where they are objectively aware the company is #insolvent. Relief from insolvent trading was available under the temporary COVID-19 relief measures which applied for the majority of last year. Personal liability for #taxation obligations such as PAYG, GST and SGC can also be issued home to directors. If there is a failure to make the appropriate lodgements or remittances within the requisite timeframes. Directors can also be exposed to personal liability from a company's activities if the breach their fiduciary duties as a company. Directors and their advisers should be conscious of their potential for personal liability following the expiry of the temporary COVID-19 relief measures of insolvent trading from the end of last year and withdrawal of the #JobKeeper support which is scheduled for the end of March 2021. If there are any queries with respect to personal liability please contact a Hall Chadwick representative www.hallchadwick.com.au