The Misconception of Limited Liability
There is a firmly held misconception about the application of Limited Liability. This is a protection that is open to shareholders. It does not extend to directors and a Court of Appeal case has clarified the issues nicely. Case 1: MASON V LEWIS Mr and Mrs Lewis were minority shareholders and also directors of a […]
Regulation of Insolvency
Damien Grant made an oral submission to the Select Committee overseeing the Insolvency Practitioners Bill.
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Personal Liabilities of Liquidators, Receivers and Administrators
One of the joys of working in insolvency is the personal liability that attaches to much of what we do. There are three broad areas that Insolvency Practitioners work in; Receiverships, Liquidations and Voluntary Administrations – and the personal liability differs in each case. Naturally, an Insolvency Practitioner is never liable for any company debts […]
How to Protect Yourself from Dealings with an Insolvent Company
An insolvent company poses a threats to business owners. Protecting yourself from dealing with insolvent companies has become more important than ever. There are three risks in dealing with a firm that later fails: Securities granted can be voidedThis is a rarely used provision. However, if a company is insolvent any securities it gives can […]
Reckless Trading
Reckless Trading is when the company being carried out in a manner likely to create a substantial risk of serious loss to the company’s creditors
