RISK WARNING FOR COMPANY DIRECTORS AND ADVISORS Are you or your clients falling behind on paying company debts? Directors are exposed to personal liability if they trade a business unable to pay its debts when they fall due. This is called insolvent trading. Resigning as a Director does not provide relief. What can happen to a Director for insolvent trading? Civil financial penalties of up to $200,000. Compensation proceedings can be initiated by ASIC, a liquidator or creditors in addition to civil penalties and are potentially unlimited. This may result in personal bankruptcy which will disqualify a Director from managing a company. Is there an alternative to an

  Ethical Obligations of Lawyers in NSW Lawyers in New South Wales, Australia, are ethically bound by a combination of professional and ethical standards, including legislation, regulations, and codes of conduct. The key laws and regulations that govern the ethical conduct of lawyers in New South Wales include: Legal Profession Uniform Law (NSW): The Legal Profession Uniform Law (NSW) governs the practice of law in New South Wales and is the primary legislation that sets out the regulatory framework for lawyers. It establishes the Legal Services Commissioner and the Legal Services Council, which oversee legal practitioners' conduct and professional standards. Legal Profession