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Part VI Public Interest and Insolvency Proceedings, 34 Directors’ Liabilities in Insolvency Proceedings

Richard Fisher KC

From: Company Directors: Duties, Liabilities, and Remedies (4th Edition)

Edited By: Mark Arnold KC, Simon Mortimore KC

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Subject(s):
Transfer of securities — Approved person — Conduct of business regulation — Regulated persons — Insolvency set-off

This chapter looks into the liabilities of directors in insolvency proceedings. It notes the concern claims available to the company when it entered insolvency proceedings within the Insolvency Act. Additionally, the claims against directors can either be brought in the name of the company or brought in the liquidation or administration. The chapter then details a director’s personal liability under the Insolvency Act for wrongful trading, fraudulent trading, or contravention of the restriction on the reuse of a company name. It elaborates on the impact on directors of the Insolvency Act provisions in relation to the adjustment of prior transactions.

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