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.
To keep the business community informed, the Australian Securities & Investments Commission (ASIC) have developed a guide for small business directors to help them understand their role and responsibilities as a director. It also provides some accessible advice about what to do if things go wrong – for example, if the company looks like it is approaching insolvency.
The informative guide can be downloaded here:
If you sense that your company is in financial difficulty, please dont delay and contact us as early as possible in order to enable the best possible outcome.
For expert advice, please contact Bruce Mulvaney on (03) 9896 9000 to dicuss your options.