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No, it is well defined in the corporations act - something like not being able to pay due when they fall due.
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http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s588g.html
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Not necessarily. A letter of demand to a director may result in an offer. But I wonder if this could be classed as a preference payment in that case.
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If a company is trading while insolvent then the directors can be personally liable for the debts of the company.
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Little chance but a possibility. Contact the liquidator.
