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20: Navigating Director Duties and Liabilities with Mitchell Herrett
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Are you a company director unsure about your legal obligations and liabilities? In this episode, host Sally Preston chats with Mitchell Herrett, a partner at RSM in the Restructuring and Recovery division, to break down the key things every director must know to stay out of trouble.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- The key statutory obligations for directors under the Corporations Act (3:00)
- Consequences of breaching directors' duties (insolvent trading, civil/criminal proceedings) (5:30)
- Understanding insolvency and when a company is deemed insolvent (9:16)
- Risks of director penalty notices from the ATO (13:21)
- Protecting yourself as a director with co-directors/board (20:27)
If you're a company director, this episode is a must-listen to ensure you understand your duties and how to mitigate risks. Mitch provides invaluable insights drawing from his experience helping directors navigate difficult situations.
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