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Answered in 33 minutes by:
7/13/2012
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,730
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Evening,
Your obligation is to notify the directors of the company and advise them that the company's trading insolvent.
We should also advise the secretary of the company of the issue.
As the general manager you have complied with your obligations toModify the directors of the company.
If the companies investigated by ASIC you will need to be honest and provide with all the information you have and also notify them of when you advised the directors.
It is the directors to become personally liable for the debts of the company while his trading insolvent.
As a general manager who is not a director or secretary of the company cannot be personally liable.
Here is some information from ASIC for your attention.
http://www.asic.gov.au/asic/asic.nsf/byheadline/Your+company+and+the+law?openDocument
I hope this is of assistance. If you have any further questions please not hesitate to contact me.
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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,730
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedLeon and 87 other Australia Law Specialists are ready to help you
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