A quantum meruit liability to pay reasonable remuneration for work done at a company's request is a 'debt' within s 588G of the Corporations Act, and such liabilities accrue day by day as work is performed, not upon certification or completion of work segments. Directors cannot avoid insolvent trading liability by arguing that no formal contract existed where the company requested and received work. The question of whether unliquidated damages claims constitute 'debts' under s 588G remains open.
The full text is available to signed-in members, including the 20 later cases that cite this judgment.
4 of the 20 citing cases carry a classified treatment. How each court treated it is available to signed-in members.