Wrongful and Fraudulent Trading – Government Consultation
Tue 13 Aug 2013
The Insolvency Service and the Department for Business, Innovation and Skills have published consultations proposing amendments to the regulations affecting insolvency practitioners (“IPs”), the practice of insolvency and the reporting duties of IPs regarding the conduct of directors
The proposals include increasing the powers of IPs in circumstances where a former director may be guilty of wrongful or fraudulent trading to enable:
- Administrators to bring a claim for wrongful or fraudulent trading; and
- Liquidators to sell or assign a claim against a director suspected of wrongful or fraudulent trading.
To read our briefing note which examines these key proposals, click here >>>.