Australia: directors' duty to prevent insolvent trading - draft ASIC guidance

The Australian Securities and Investments Commission has published for a comment draft guidance concerning directors' duty to prevent insolvent trading under Section 588G of the Corporations Act (2001): see here (pdf). The guidance identifies the key matters which ASIC considers directors should take into account in meeting the duty as well as explaining those factors which ASIC will consider when determining if there has been a breach of the duty.