Poole Group

We're not just about the numbers
The Poole group recognise that business is more than the P&L and balance sheet. Find out more about our social activities, community involvement, support of charities and scholarships be clicking here.
Set Sail for Retirement
Nowadays most people are looking at their own super to support them after retirement. Our superannuation team and investment advisors have helped hundreds of clients set a course and maximise their returns to ensure smooth sailing in retirement. Find out how here.
Fast-track your retirement
Are you getting the most out of your super? Speak with our superannuation specialists and learn how they have helped hundreds of clients take control their super and improve their retirement funding needs.
Want to save a truckload of time and money?
Avoid the unexpected surprises and talk to one of our staff about how our fixed price packages can provide you with surety as to your costs as well as managing your cashflow with our fixed price pay by the month plans.
Find time for the more important things in life...
As you business grows so does your accounting needs. We have developed a range of packages that will grow with you and, along the way save you time and money. Talk to one of our specialists to find out how our accounting solutions can assist you.
Don't Miss the Boat
The commitment and investment by the government and private sectors over the next 3-5years in the Sunshine Coast means our local economy will see an unprecedented growth spurt. Talk to our property specialists as to how you can be part of this growth or look at some of our latest projects.

Insolvent Trading Program

BACKGROUND

The National Insolvent Trading Program is a focused approach to dealing with possible insolvent trading before it occurs. It involves a review of a company for the purposes of ensuring compliance by directors of their duties as set out in section 180 of the Corporations Act 2001 (the Act) and directors' duties to prevent insolvent trading under section 588G of the Act

As part of its national Insolvent Trading Program, ASIC visited between 2006 and 2010 some 1,530 companies where it had concerns about the respective companies solvency.

This program sought to increase awareness of a director’s statutory responsibility to prevent insolvent trading. A copy of the report is avaiable. To view the report, click here.

REPORT FINDINGS

ASIC have prepared a report outlining its findings, setting out 4 key messages for directors:

The need to maintain appropriate books and records
Identitfy insolvency concerns ans assesses avaiable options
Where there are solvency onverns, seek professional advice from a suitable qualified person as to the oprions for dealing with those concenrs
Act on the advise received in a timely matter

In addition in July this year, ASIC released regulatory Guide 217, Duty to prevent insolvent trading: Guide for Directors (RG 217). The aim of the guide was to provide directors with the key issues they needed to consider in ensuring they complied with their duty. A copy of this guide is available. To view the guide, click here.