The previous blog post talked about the powers directors hold to affect the company and in the words of Benjamin Parker in Spiderman, “with great power comes great responsibility.” Although directors have extensive powers, these powers are so that directors can adequately fulfill the host of duties and responsibilities required of them as directors. Failing to satisfy these duties can lead to significant personal liabilities and so it is important to be fully aware of what you as a company director are required to do and not do.
Company directors need to comply with several strict duties in relation to the companies they direct. To help directors perform these duties, they are given a number of powers and rights that enable them to competently (and ideally, profitably) direct their company. Three of the key powers/rights are discussed below.
The ‘Discrete Property List’ (‘DPL’) is a process introduced by the Federal Circuit Court designed to make family financial matters quicker and easier. The DPL aims to make family financial cases as efficient and cost-effective as possible. But how does it do this?
Technology is rapidly developing and quickly influencing the way many processes and practices work in our society. Included in these is the property and real-estate sector. The growing coverage of the internet and the ever-increasing utility of computers and mobile phones has meant that nearly every step in the home-buying process has changed in some way because of technology.
1. You’re Struggling to Pay Your Debts
The first sign of a struggling business is a difficulty in paying debts, whether already due or nearly due. If you often find your business doesn’t have enough available capital to pay creditors on time, it may be worth seeking some professional guidance. Ongoing inability to pay debts can lead to insolvency, so it’s worth getting help as soon as possible.