Insolvent Trading in UK Law

Leading Cases
  • Ward v Aitken and Others ; Re Oasis Merchandising Services Ltd
    • Court of Appeal
    • 09 Oct 1996

    We respectfully agree, supporting as it does the distinction which we would draw between the property of the company at the commencement of the litigation (and property representing the same) and property which is subsequently acquired by the liquidator through the exercise of rights conferred on him alone by statute and which is to be held on the statutory trust for distribution by the liquidator.

  • Secretary of State for Trade and Industry v Deverell and Another
    • Court of Appeal
    • 21 Dic 1999

    But it is not necessary that such influence should be exercised over the whole field of its corporate activities. But it is not necessary that such influence should be exercised over the whole field of its corporate activities.

  • Re Sevenoaks Stationers (Retail) Ltd
    • Court of Appeal
    • 31 Jul 1990

    Mr. Cruddas made a deliberate decision to pay only those creditors who pressed for payment. The obvious result was that the two companies traded, when in fact insolvent and known to be in difficulties at the expense of those creditors who, like the Crown, happened not to be pressing for payment. Such conduct on the part of a director can well, in my judgment, be relied on as a ground for saying that he is unfit to be concerned in the management of a company.

  • Stone and Rolls Ltd ((in Liquidation)) v Moore Stephens (A Firm)
    • House of Lords
    • 30 Jul 2009

    The company is not fixed with its directors' fraudulent intentions because that would be unjust to its innocent participators (honest directors who were deceived, and shareholders who were cheated); the guilty are presumed not to pass on their guilty knowledge to the innocent.

    That conclusion was reached by Langley J. (para 65(2)) and is clearly correct (see Fry LJ in Cleaver v Mutual Reserve Fund Life Association [1892] 1 QB 147, 156). Apart from special statutory claims in respect of misfeasance, wrong trading and so on, it cannot assert any cause of action which it could not have asserted before the commencement of its liquidation, as Mr Brindle concedes.

  • Bilta (UK) Ltd (in Liquidation) v Nazir
    • Supreme Court
    • 22 Abr 2015

    They will usually be accompanied by powers to require those responsible to make good the loss to the estate for the benefit of creditors. Such powers have been part of the corporate insolvency law of the United Kingdom for many years. In the case of a company trading internationally, it is difficult to see how such provisions can achieve their object if their effect is confined to the United Kingdom.

  • Ultraframe (UK) Ltd v Fielding
    • Chancery Division
    • 27 Jul 2005

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