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Company is falling behind on interest repayments

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Question

Jordan is the director of Lightning Pty Ltd. Jordan suspects that the company is falling behind on interest repayments. He is aware that several other creditors are also demanding repayment. He approaches the company's accountant for an update on the company's financial condition and is advised that the company is solvent. Jordan, on behalf of Lightning Pty Ltd. enters into a loan agreement and the company becomes insolvent. Advise Jordan whether he has breached his duty to prevent insolvent trading by entering the loan agreement and if he can rely on any defences. Use IRAC method to structure your advice: identify the issue, cite the relevant law, explain the application of the law to the issue. and draw a conclusion.

Reference no: EM133531772

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