In a recent client matter we had to determine the circumstances in which a creditor can request the financial documents of a company in liquidation.

Not all creditors who request documents will be given them by the liquidator, especially requests that are deemed to be unreasonable. There are a number of grounds on which a request can be deemed unreasonable such as the document is protected by legal professional privilege, or disclosure could bring about an action for breach of confidence.

Directors of a company in liquidation can rely however on sections 198F and 290 of the Corporations Act 2001 to access company records provided there is a relevant legal proceeding against them.

Cove Legal provide specialist advice to clients facing possible insolvency outcomes or facing actual or threatened ATO debt action. If you are attempting to address director personal liability issues, director penalty notices, garnishee orders, winding up applications, statutory demands or need advice on an insolvency situation generally, speak to us today.

Roger Blow, Principal, Ph: +61 8 6381 0327 or roger@covelegal.com.au

This publication is not intended to provide and does not provide legal advice. You should seek professional legal advice relating to your specific situation(s) before taking any action based upon its contents.