Trading a company whilst Insolvent
Action may be taken against any director who is judged to have been trading a liquidated company when they knew or ought to have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation.
The director is judged on what is reasonably expected of an individual acting in such a position, as well as his or her own knowledge, qualifications and experience.
If found guilty of wrongful trading the director may be held personally liable for the debts of the insolvent company and be forced to compensate the creditors, unless he or she can show that steps were taken with a view to minimising the potential loss to the company's creditors.
If you are facing allegations of wrongful trading or have concerns about your company's trading position we can help you.
- DISQUALIFICATION OF DIRECTORS
- RESERVATION OF TITLE
- IMPLICATIONS FOR LANDLORDS - TENANT INSOLVENCY
- CORPORATE RESCUE & RECOVERY
- PERSONAL INSOLVENCY
- BUSINESS SALES/PURCHASES FROM INSOLVENCY PRACTITIONERS
- TRUST/PROPERTY ISSUES ARISING FROM INSOLVENCY
- INVESTIGATIONS/RECOVERIES FOR CREDITORS
- TRADING A COMPANY WHILST INSOLVENT
- DEBT RELIEF ORDERS
This case is of particular significance for both Insolvency Practitioners and creditors alike as it shows a gr...
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