Recent Changes Made to Director Resignations

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) was introduced on Thursday 18th February 2021 with the purpose of preventing illegal phoenix activity. These new rules will impact when a directors resignation takes place and will prevent resignations from occurring which would leave a company without a director remaining. The Act will also […]

New Law Will Expand Directors Exposure to Company Debts

A new law is set to be introduced which aims to treat a person as continuing to be a director of a company even after they have resigned.  This means the individual will still have continued exposure to all the laws that make them personally liable for any company debts. Directors can be held personally […]

Trading Insolvent

Companies are a unique type of legal structure in that they are a separate legal entity and provide limited liability. However, there are certain situations in which the corporate veil can be lifted and directors are held personally liable for the company’s dealings. This commonly occurs when a company continues trading whilst insolvent. Directors have a duty […]

Documents to wind up a business

Winding up a business is different to merely ceasing trade. While the latter means that you’re effectively stopping business, you still have to abide by a handful of obligations and fees while the business remains registered. The de-registration process is long and involved, and can take months to take from start to finish. Creditors have […]

Shutting down your business

Whether you’re closing down your business by choice or have been forced to do so, it is an involved process with strict compliance requirements. How you shut down will depend on your business structure and why you’re no longer operating your business. Where possible, plan ahead so you can get professional advice, fulfil compliance requirements, […]