Did you know that directors are legally liable for pay as you go withholding and super guarantee charge payments?
Most people don’t realise that they can potentially be held personally liable for the debts of their company during the time they’re directors – even if they’re silent directors, or later leave the company. It is therfore very important that directors know their responsibilities and obligations as a company director.
Their earth moving business had finally started to build up some momentum and they had won a large contract to landscape a series of new housing estates. Energetically, the directors leased four new excavators and put on half a dozen extra staff in order to meet the contract's strict deadlines and then got to work.
Two months' in and their Project Manager realised that they had got a key measurement wrong and 400 metres of concrete footp...