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Due to the Covid-19 pandemic, Iceberg Motors Pty Ltd has lost many of its regular...

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Accounting

Due to the Covid-19 pandemic, Iceberg Motors Pty Ltd has lost many of its regular clients and is now facing serious financial difficulty. Its general manager, Ethan Lockington, is now becoming worried that the firm might become insolvent and will be unable to pay its suppliers within the next two months. Ethan is also aware that Iceberg Motors employees need to be paid their salaries next week, which means that the firms suppliers may not be paid. What is Ethans potential liability under the Corporations Act as it applies to company officers in his position?

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