Business law

When a company goes into liquidation in Australia, the director loses control over the company’s affairs, assets, and operations. These responsibilities are handed over to an appointed liquidator. Directors must cooperate with the liquidator and provide any requested information, documents, and assistance to facilitate the liquidation process. The liquidator will also investigate the director’s conduct,…

A liquidated damages clause is a clause in some commercial contracts that sets a specific amount one party must pay if a particular term is breached. Also known as an agreed damages provision, this amount is intended to be a fair estimate of the potential losses the non-breaching party may face. To enforce a liquidated…

What’s a DIN? Recent amendments to Corporations Act 2001 compel all company directors to prove their identity with a Director Identification Number (DIN) and the date has been set for when this will take effect. A DIN is a unique 15 digit identifier designed to track the corporate history of a director. DIN’s have been…

“Non Lockdown” DPN’s: PAYG Tax, GST or Superannuation: Unpaid but Returns Lodged Within Relevant Periods A company is required to: If a company does not pay its PAYG Tax, GST or superannuation, but lodges its BAS (within 3 months of being due) and SGC Statements (when due), the ATO can issue a Director Penalty Notice…