Wrongful Trading: An Impotent Remedy?

Pages38-46
DOIhttps://doi.org/10.1108/eb025753
Publication Date01 Mar 1996
AuthorRichard Schulte
SubjectAccounting & finance
Journal of Financial Crime Vol. 4 No. 1 Insolvency
INSOLVENCY
Wrongful Trading: An Impotent Remedy?
Richard Schulte
INTRODUCTION
Improved creditor and community protection
seemed attainable goals when Professor Daniel
Prentice described s. 214 of the Insolvency Act1 ('s.
214') as 'one of the most important developments
in company law this century'.2 The profession and
academics perceived that wrongful trading in its
legislative form had a bright future because it
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