Last year, over 11,000 Australian companies entered administration – 27% in construction, 15% in hospitality. With insolvencies rising, directors must stay vigilant. Failing to keep proper books and records can expose you to personal liability for company debts.

Here's what every director should know:
• Maintain Key Records: Financial statements, cash receipts, sales records, employee details, and more.
• Comply with Corporations Act: Section 286 and 588E mandate proper documentation for 7+ years to avoid the presumption of insolvency.
• Use Digital Tools: Platforms like Xero and MYOB make it easier to stay compliant and audit-ready.

Don’t wait until it's too late! Protect yourself by understanding your obligations.

If you want to learn more, please check out our recent blog post and video.
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Contact Liam Bailey at O’Brien Palmer for expert advice on keeping your business secure.

#BusinessAdvisory #DebtSolutions #InsolvencyProtection #DirectorDuties #OBrienPalmer #RecordKeeping #BusinessCompliance

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