Date: Thursday, 26 October 2017
Time: 12:30pm to 2:00pm
Venue: Governance Institute, Ground Floor, 8 Victoria Avenue, Perth
Attend and Earn: 1.5 hours
The duty to avoid insolvent trading is a fundamental consideration for the board of a company facing financial pressure.
The personal liability of directors for debts incurred by an insolvent company has been a strong incentive for the early appointment of external administrators.
Recent changes to the law give directors much more flexibility when trying to trade out of financial difficulties, by creating a “safe harbour” from liability for insolvent trading when they are attempting to achieve a better outcome for the company and its creditors.
However, to avoid liability it is crucial that directors understand how the new laws work, and what they need to do to bring themselves within the safe harbour.
Our speakers will explain –
- what the new “safe harbour” provisions were intended to achieve,
- how they work, and
- how a board can ensure they are protected as they guide their company to recovery.
Tom Darbyshire, Partner, Kott Gunning Lawyers
Tom became a partner at Kott Gunning Lawyers in 2002. He specialises in matters arising out of the Corporations Act, particularly in relation to directors’ duties, corporate governance and insolvency. Tom also advises liquidators, secured and unsecured creditors and businesses on all aspects of insolvency and reconstruction. He has acted in, advised on and written about Board disputes, recovery actions by external administrators and bankruptcy trustees, directors’ duties in an insolvency context and fiduciary duties of office holders.
Tom is a professional member of the Australian Reconstruction and Insolvency and Turnaround Association.
Matthew Donnelly, Partner, Deloitte Financial Advisory