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We are in unprecedented times and the economic landscape is rapidly changing creating many uncertainties for Directors.
Temporary legislative change has been enacted to provide a level of protection to Directors when incurring liabilities until 25 September 2020.
Personal liability for insolvent trading in respect of liabilities incurred in the “ordinary course of the company’s business” is protected.
For the first time, many companies will need to consider their solvency and ability to continue as a going concern in more detail.
In this webinar, RSM’s National Head of Restructuring & Recovery Greg Dudley, Audit Partner Tutu Phong and special guest governance specialist Bronwyn Barnes discussed key issues for Directors, including the importance of obtaining appropriate professional advice, formulating a comprehensive plan and how to ensure your business will survive and emerge post COVID-19.
Topics discussed:
- What constitutes “ordinary course of the company’s business” in a COVID -19 world where nothing seems to be "ordinary”?
- What are the responsibilities of Directors when managing a company’s business?
- What governance and risk management frameworks should Directors and management implement to ensure they fulfill their responsibilities?
- What is an assessment of solvency? What is an assessment of going concern? How are they linked?
- Duties of Directors and management in relation to assessments of solvency and going concern.
- Considerations to determine whether the company is a going concern when preparing their financial statements?
- How do auditor’s assess going concern and the implications for the auditor’s report?