ASIC releases updated guidance on insolvent trading for directors

Michael Hughes, Caitlin Murray, Wesley Lalich, Courtney Locke and Olga Kirillova of MinterEllison report that ASIC has issued an updated regulatory guide for directors and their professional advisers on the duty to prevent insolvent trading, noting that ASIC has inserted extensive guidance on safe harbour protection, as well as adding factors that ASIC will consider when assessing whether a director may establish safe harbour protection.

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