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DPN’ing the corporate veil

Directors may start being held personally liable for ATO debts owed by their company from 1 April 2020. Any remnants of the corporate veil, are now well and truly gone. The move comes after the Government introduced new legislation designed to tackle illegal phoenix activities. I previously warned last year about this new legislation. When…

A directors duty to comprehend financial statements

I recently briefly read a case about a director trying to claim in the witness box that he couldn’t read a cash flow report prepared by his bookkeeper and therefore couldn’t speak to its accuracy. This being despite the director running a significantly successful business for decades. The Court didn’t believe him. I can’t for…