ASIC issues new regulatory guidance to directors on insolvent trading and safe harbour protection

Alicia Salvo, Andrew Johnson and Bentley Anderson of Corrs summarise updated guidance issued by ASIC on insolvent trading and safe harbour protection, sharing that whether a course of action will be sufficient to attract protection under section 588GA is a complex issue to be assessed by the court on a case-by-case basis, and that it has become exceedingly important to engage with professional advisers early on to ensure compliance with section 588GA.

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