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Mr T and Mrs T are directors of P Pty Ltd which trades as "Fluffy Donuts of Avalon". Mrs T makes the donuts and serves while Mr T attends to...
Mr T and Mrs T are directors of P Pty Ltd which trades as "Fluffy Donuts of Avalon". Mrs T makes the donuts and serves while Mr T attends to financial matters. In fact Mrs T was attracted to Mr T before they were married because as an accountant he could, she believed, provide her with the financial guidance she lacked.
The business operates from premises worth $300,000 owned by the company but mortgaged to the sum of $275,000. The company also owns certain stock and fittings valued at $15,000. Bad weather has slowed business, however, Mr T's spiritual advisor says the weather will get better. Accordingly he takes out advertising to the value of $50,000. Suppliers are owed $40,000 but have held off enforcing their debts because they also believe the weather will get better. There is group tax outstanding for the two part time employees.
Mrs T trusts Mr T's judgement. The rain stops but the customers do not return. The advertising company (owed $50,000) winds P Pty Ltd up and a liquidator is appointed. Discuss the liability of Mr and Mrs T under s.588G (Corporation Act 2001)
