OpusRed understands that the Corporations Act can be a minefield for directors with respect to their duties and obligations. Directors can sometimes feel that their actions, though undertaken with the best of intentions, may put the company and themselves at risk of being investigated by insolvency practitioners or ASIC. OpusRed has a wealth of experience with government regulatory bodies and insolvency practitioners to guide you and your organisation through the minefield of legislation, to ensure that you comply with your duties and obligations.
Directors have a general duty of care, skill and diligence and must act in such a way as to ensure it is done in the best interests of the company. Not carrying out your functions properly, or not being fully informed what is going on within the company, can be a breach of your duty of care and can result in civil and, in some serious cases, criminal penalties for breach of your directors’ duties.
Accordingly, understanding what is required of you as a director in difficult financial situations is an essential part of protecting you or your company from scrutiny by insolvency practitioners or regulatory bodies.
OpusRed is able to provide you with a director’s checklist of your obligations under the relevant legislation to ensure that you are aware of what is required of you as directors and advise you of your options if faced with difficult situations.
OpusRed is also able to advise your company on the options available if it is considering restructuring with a secured lender and is requested to provide further security in the form of general security deeds, charges or personal and corporate guarantees.
OpusRed can also provide you with advice for your company regarding the appointment of directors, voting at board meetings and decision-making statutory requirements by the company.
Personal Property Securities Register (“PPSR”)
OpusRed understands that the PPSR can be a minefield for small and medium size businesses and losing assets due to inadequate protection can cause problems. OpusRed lawyers have a wealth of experience in this area of law and are able to review your terms and conditions to determine whether your business is protected. If not, we can suggest cost effective amendments to your terms and conditions to incorporate the relevant personal property security clauses to avoid claims against your assets. We are also able to register your security interests on your behalf.