Legal news
On 6 December 2024, the Australian Securities & Investments Commission (ASIC) updated its Regulatory Guide: Duty to prevent insolvent trading: Guide for directors (RG 217).
The guide contains key principles intended to help directors comply with their duty to prevent insolvent trading and how to establish safe harbour protection through proactive monitoring and timely action.
On 18 January 2023 the Federal Court of Australia handed down its decision in Copeland in his capacity as liquidator of Skyworkers Pty Limited (in Liquidation) v Murace [2023] FCA 14. The decision resulted in Liquidator’s insolvent trading claim against Mr Murace being struck out and costs awarded to the defendant, although the liquidator was then allowed to file a further statement of claim.
