It is very common for a small business to be operated by a company with just one director/shareholder. Business owners can easily get caught up in the myriad of tasks that face them on a daily basis. However, sole directors should take a moment to consider what will happen to their company upon their death. (more…)
CAN A DIRECTOR’S CLAIM FOR UNPAID WAGES BE SET OFF AGAINST WHAT THAT DIRECTOR OWES TO THE COMPANY?
Once a company is placed into liquidation, section 556 of the Corporations Act (2001)(Cth) (Corps Act) sets out the order for payments of debts due and owing by the company.