If a Company's net worth is eroded 100% and the auditors have commented in their report that its not a going concern or the going concern concept is questioned,
1) what the Directors should do and how much they will be responsible if there is no willful fraud or action which contributed to the situation?
2) Is the compulsory winding up the last route left for directors?
3) Will the officer in default be also liable? If yes, how and to what extent?
4) if the directors keep the company going even after the audit report, will the directors be liable for continuing trading while insolvent?
Assuming SICA is not applicable.
Waiting for inputs from elite professionals of the group. Your response will be highly appreciated.
25 July 2009
Anand Wadadekar: Going Concern
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