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Current Legal News

Construction industry and its retentions scheme

High Court provides useful guidance for subcontractors.

The collapse last year of Ebert Construction Limited took many in the construction industry by surprise, particularly its subcontractors who were owed retention moneys

Directors have personal liability for company debt in liquidation

Directors have personal liability for company debt in liquidation

A recent decision in the Court of Appeal[1] has made a director liable for almost $500,000 of company debt due to the company’s failure to keep adequate accounting records. The decision highlights the importance for directors to understand their duties under the Companies Act 1993. The Act requires directors to ensure that the company keeps proper financial records.