In a significant Supreme Court judgment that Court has refused to accept that defendants to fraud-type claims by a company can now rely on their own wrongdoing to escape liability for the fraud.
The same rule also extends to claims against third parties to any such claim.
The Court ruled a liquidator can bring a claim for fraudulent trading against any defendants wherever in the world they are. Significantly, the Court’s reach on fraudulent trading claims is not limited to defendants situated in the UK. This must have serious consequences for those situated abroad dealing with UK companies
This case concerned VAT missing trader fraud which has been a major issue for the UK Courts and Authorities over the course of the last decade. Specifically, it involved the sale of Carbon Credits which had caused massive losses to both HMRC and the company itself.
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