NSW default judgment overturned

[hank3]

I had a default judgment overturned recently.
The money $8,000 was paid to me last year into a pty ltd company, whom used it to pay down debt.
The company has since stopped trading and has $50 cash on hand.No other assets.

Can I be chased personally?

 

[Lance]

Hi Hank,
So I take it that you were the Director of the company? Generally speaking you are not liable for the debts of the company as the Director,
however there are exceptions:

• If you failed to act in good faith
• Failed to act in the best interest of the company
• and allowed the company to continue to trade when insolvent.

In which case regulatory action could be taken against you under the Corporations Act 2001for Criminal offences or civil action.

 

[hank3]

Thanks Lance.

 

[Graham Doessel NotALawyer]

Hi Hank,
did you also have the default judgment removed from your credit files? If not, you should...