Essentially a review of the new safe harbor provisions adopted in Australia which are based off the relatively new ones from the UK. The paper will discuss the background of insolvency law in relation to director’s duties, the history of insolvent trading provisions in both Australia and the UK, as well as drawing comparisons to the benefits and drawbacks of Australia’s and the UK’s respective provisions and wording. A further discussion will be had regarding the
necessity of the insolvent trading provisions generally, their historical efficacy, and whether the deterrence factor has been compromised by these new provisions. Lastly, the paper will assess the potential future outcomes of this new legislation and forecast the likely impact they will have on the business
worlds of Australia and the UK.
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