Personal bankruptcy and liquidation of a company guidance updated

AFSA, the Australian Securities and Investments Commission (ASIC) and Australian Restructuring and Insolvency Turnaround Association (ARITA) have together released an updated guide explaining the interaction between bankruptcy and liquidation.

The guide provides information for company directors and others in business to help them understand their rights and responsibilities when personal bankruptcy and corporate liquidation intersect. It also provides useful guidance for advisors about the potential consequences and options available if their client is a director and shareholder of a company in financial distress. The guide also highlights the importance of seeking appropriate professional advice.

To download the updated guide, visit our website.