"With Great Responsibility comes Greater Personal Risks"

With Great Responsibility comes Greater Personal Risks

Directors, non-executive directors and officeholders including public officers of companies take on many responsibilities and have various duties and obligations owed to the company and their shareholders.

With great responsibility comes greater personal risks. But do you know what personal risks you are taking on?

Knowing those personal risks and making sure reasonable steps are taken to protect against such personal risks is critically important, especially, in a litigious world.

Take the quiz to see if you fully understand your personal risks:

Quiz	Yes	No
Do you own any assets in your name or with others?
Are you worried about being sued?
Can you be held personally liable for the company’s outstanding tax liabilities?
Can you be held personally liable for PAYG withholdings?
Can you be held personally liable for superannuation withholding obligations?
Can you be held personally liable for director’s penalty notices?
Can you be held personally liable if you have not disclosed material personal interests?
Can you be held personally liable for insolvent trading?

If you are a current or incoming director, non-executive director or officeholder and you answered ‘Yes’ to any of the above, then contact PV Legal to see what options are available to deal with your personal risks.

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