Australian Financial Security Authority’s Chief Executive Veronique Ingram PSM, Commissioner John Price of the Australian Securities and Investments Commission (ASIC) and the Australian Restructuring and Insolvency Turnaround Association’s Chief Executive, John Winter have announced the release of a new guide for people in business.
Ms Ingram said this new guide explains some of the common pitfalls when individuals are running businesses that may be financially vulnerable and where that may have an impact on them personally.
‘This guide will assist people who may be both a director of a company and individually liable, and provides a clear path for people to understand their rights and responsibilities in the event of a bankruptcy and or liquidation,' Ms Ingram said.
AFSA, ASIC and ARITA worked together to develop this new guide. ASIC is responsible for Australia’s corporate insolvency system and AFSA is responsible for the oversight of Australia’s insolvency systems for individuals. Together with ARITA, the peak professional body for insolvency practitioners in Australia, development of the guide has drawn on the expertise of each organisation.
View the guide: