Insolvent Trading in UK Law
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What Can We Expect to Gain from Reforming the Insolvent Trading Remedy?
This paper argues that reform of the wrongful trading remedy in section 214 of the Insolvency Act 1986 is unlikely to yield significant increases in civil recovery for creditors of insolvent compan...
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The Public Enforcement of Sanctions against Illegal Phoenix Activity: Scope, Rationale and Reform
The loss suffered by unsecured creditors of all insolvent companies is the non-payment in full of amounts rightfully owed to them. This loss is all the more unacceptable to creditors when a company...... ... The loss suffered by unsecured creditors of all insolvent companies is the non-payment ... duties or insolvent trading. Such an action may be instigated by the liquidator and by ... ...
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THE MODERN LAW REVIEW VOLUME 78 INDEX
... ... illiams ,R ichard What Can We Expect to Gain from Reforming the Insolvent Trading Remedy? 55 CONTRIBUTORS OF REVIEW ARTICLES B ustamante ,T homas ... ...
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Secretary of State for Trade and Industry v Baker & Others
This case arose from the 1995 collapse of the Barings Banking Group caused by the enormous losses resulting from Nick Lee‐son's unauthorised derivatives trading in Singapore, while general manager ...... ... losses resulting from Nick Lee-son's unauthorised derivatives trading in Singapore, while general manager of Bar-ings Futures (Singapore) Ltd ... it is the duty of the court to disqualify unfit directors of insolvent companies: 's6(l) The court shall make a disqualifi-cation order against a ... ...
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Andrew Keay, Dissolution and Restoration of Companies
... ... to compulsory liquidations, where there are companies that are insolvent, have ceased trading and are without any realisable assets. The author ... ...
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Reviewing Directors’ Business Judgements: Views from the Field
Directors take decisions that can have significant impacts on others, as illustrated by the global financial crisis and the collapse of Thomas Cook Group plc. Yet many academics argue that courts s...... ... ; D.Osterle, ‘Corporate Directors’ Personal Liability for “Insolvent Trading” in Australia,“Reckless Trading” in New Zealand and ... ...
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Insolvency—It's all about the Money
The most desirable outcome from corporate insolvency is one that achieves the greatest return for all creditors including revenue authorities; minimises the cost of administering the system so that...... ... are four pots of money that matter when a company becomes insolvent. The first is the money that the failed company owes to its ... of directors duties breaches38 including insolvent trading,39 administrative banning provisions,40 investigative powers,41 and ... ...
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Directors' Duties to Creditors: Contractarian Concerns Relating to Efficiency and Over‐Protection of Creditors
There is case law to the effect that when companies are in financial difficulty directors owe a duty to take into account the interests of their companies' creditors. This article examines the prim...... ... Hawke, ‘Creditors’ Interests in Solvent and Insolvent Companies’ [1989] JBL 54; D. D. Prentice, ‘Creditor’s Interests and ... stakeholders in the company, 14 because the company is effectively trading with the creditors’ money, and as a result the directors have an ... ...
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Stepping Stones — from Corporate Fault to Directors' Personal Civil Liability
Several recent cases have seen the courts approving ASIC's employment of a ‘stepping stone’ approach that applies directors‘ statutory duty of care as well as their other statutory duties in a nove...... ... reasonable grounds for suspecti ng that the company is insolvent. Here, the company has defaulted on its contractual obligation to pay ... The purpose of liability for insolvent trading being framed in this way is to require an active involvement of all ... ...
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The issue of enforcement in Chinese corporate governance
Purpose: – The purpose of this paper is to discuss two important aspects of enforcement of ethical standards: indirect enforcement, that is the Confucian approach, and common law enforcement. In th...... ... new tothe common law for there are provisions relating to insolvent trading and fraudulenttrading, there is a duty to the company and creditor ... ...
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