Download e-book for iPad: Directors' Responsibilities to Creditors by Andrew Keay

By Andrew Keay

This well timed paintings is the 1st to comprehensively learn administrators' duties to collectors in instances of monetary strife, in addition to addressing while those duties come up, and what administrators must have to do to make sure that they agree to their tasks. Keay explores the correct matters from doctrinal, normative and comparative views and addresses the query as to while administrators are chargeable for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and no matter if administrators might be held accountable for the earlier than mentioned. Besides the correct united kingdom laws and case legislation, laws and case legislations from Australia, Canada, eire and the us are tested and in comparison and reforms which keep in mind the goals and purpose of the suitable laws in addition to collectors' pursuits are proposed and assessed. Importantly, new ways for courts which might make the character of the accountability and its timing extra specified are prompt. corporation administrators have yes duties to collectors in their businesses. specifically, they need to stay away from fraudulent and wrongful buying and selling and think about, as a part of their tasks, the pursuits of collectors whilst their businesses can be, or are, in monetary difficulty.  The paintings is triggered via the shortcoming of coherence within the attention of wrongful buying and selling and the new supply of significant instances on fraudulent trading.  additionally, this well timed paintings is the 1st to comprehensively learn administrators' obligations to collectors in instances of economic strife, in addition to addressing while those tasks come up, and what administrators must have to do to make sure that they agree to their responsibilities. Keay explores the correct concerns from doctrinal, normative and comparative views and seeks to handle the query as to whilst administrators are responsible for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and even if administrators can be held answerable for wrongful buying and selling and failing to think about the pursuits of collectors. in addition to the appropriate united kingdom laws and case legislations, laws and case legislations from Australia, Canada, eire and the USA are tested and in comparison, and reforms which have in mind the goals and purpose of the proper laws in addition to collectors' pursuits are proposed and assessed. Importantly, new methods for courts which might make the character of the accountability and its timing extra specified are advised.

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This well timed paintings is the 1st to comprehensively learn administrators' duties to collectors in instances of monetary strife, in addition to addressing while those obligations come up, and what administrators must have to do to make sure that they agree to their tasks. Keay explores the suitable matters from doctrinal, normative and comparative views and addresses the query as to whilst administrators are answerable for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and even if administrators can be held in charge for the ahead of pointed out.

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Section 275 of the 1929 Act was followed by s 332 of the Companies Act 1948 which, as a result of the recommendations of the Cohen Committee in 1945,3 expanded the pool of possible respondents to include those who had been parties to fraudulent trading. The Report of the Insolvency Law Review Committee, Insolvency Law and Practice (commonly known, and similarly referred to here, as ‘the Cork Report’)4 was of the opinion that the fraudulent trading provision as set out in s 332 of the 1948 Act possessed significant inadequacies in dealing with irresponsible trading, such as the fact that the criminal burden of proof applied to civil actions and, also, applicants were required to establish actual dishonesty and real moral blame on the part of respondents (Re Patrick and Lyon Ltd [1933] Ch 786).

A prime example of contingent liability is the liability of a surety as a result of the failure of the principal debtor to pay what is owed. Prospective debts A person or company who owes a prospective debt has been described as one who is indebted in a sum of money not immediately payable,3 and one who is owed a debt which will certainly become due in the future, either on some determined date or some date which will be determined by reference to future events (Stonegate Securities Ltd v Gregory [1980] 1 Ch 576 at 579).

Again action will only be taken against directors where the 11 For more detailed discussion of this field, see Miller, G, ‘Transactions prejudicing creditors’ [1998] Conv 362; Parry, R, Transaction Avoidance in Insolvencies, 2001, Oxford: Oxford University Press, Ch 10; Keay, A, McPherson’s Law of Company Liquidation, 2001, London: Sweet and Maxwell, pp 612–621. Background to directors’ responsibilities 11 company enters administration or liquidation. 12 This proscription is designed to protect creditors.

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