Who is considered a 'Liable Person' under MIBCO regulations?
Under MIBCO regulations, a 'Liable Person' is typically a director, member, or senior manager who has the authority to ensure the business complies with the Main Collective Agreement. This designation means that these individuals can be held personally accountable for the company's failure to remit contributions or correct non-compliance issues.
What are the responsibilities of a MIBCO Liable Person?
A Liable Person is responsible for the oversight of all MIBCO-related administrative tasks, including the accuracy of payroll deductions and the timely submission of online returns. They must ensure that the business responds appropriately to non-compliance notices and represents the firm during DRC referrals or inspections.
How does the Liable Person designation affect business owners?
For business owners, being a Liable Person means that MIBCO can seek compliance orders against you personally if the business defaults. It removes the "corporate veil" that often protects directors from administrative failures, making it vital to have a Strategic Compliance Audit in place to mitigate personal risk.
Can you change or update your MIBCO Liable Person?
Yes, businesses can update their Liable Person by notifying MIBCO through the official registration channels. However, the outgoing person may still be held responsible for non-compliance that occurred during their tenure. Accurate record-keeping is the only defense for both incoming and outgoing Liable Persons.
Protect your personal interests. Book a compliance strategy session with Elleck Mgiba.