Australia’s “weak as water” corporate regulator has never prosecuted a building company director for insolvent trading, despite its presence in “virtually all” construction liquidations.
Kathleen Skene Follow 3 min read July 15, 2024 - 7:00AM
Gold Coast Bulletin
Australia’s corporate regulator has never prosecuted a building company director for insolvent trading, despite its presence in “virtually all” construction liquidations.
Trading while insolvent can attract civil penalties up to $200,000; “unlimited” compensation for those who lost money; and a criminal sentence of up to five years jail and/or a $626,000 fine if a director is found to have acted dishonestly.
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