After a company is wound up the liquidator will investigate the affairs of the company. If it is apparent to a liquidator that the conduct of a director, in relation to the insolvent company, was “unfit”, he is required to inform the Secretary of State by reporting these concerns to the Insolvency Service. On […]
There is a very important safeguard contained within the Company Directors Disqualification Act 1986 (“the Act”) that, in theory, protects people who are participants in disqualification proceedings, and whose conduct may amount to criminal conduct. Section 20 (1) of the Act makes it clear that, when defending an application by the Insolvency Service to […]
A curious thing happens when a director believes his company is about to be insolvent. Whereas the legal obligation of the director up to this point has been to promote the best interests of the company (Companies Act 2006, section 172) his priority must then change to considering the best interests of creditors. This can […]
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