Personal liability and termination of directors

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  • Created by: mellon
  • Created on: 28-04-14 19:51
What is misfeasance?
s212 Right to bring proceeding against director for breach of duty or other wrongful conduct
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What is fraudulent trading?
Parties knowingly conducting business with intent to defraud creditors s213
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What is wrongful trading?
D knew or ought to have known there was no reasonable prospect of avoiding insolvent liquidation s214
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How long must you wait to use a liquidated companies name?
12 months
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Why can a director be disqualified?
1) conviction of indictable offence 2) persistent breaches of companies legislation 3) fraud, fraudulent trading 4) wrongful trading 5) unfit directors of insolvent companies
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What are the tariffs for disqualification?
10-15 years if very serious, 6-10 if serious, 2-5 if not very serious. Must allow for mitigating factors
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Other cards in this set

Card 2

Front

What is fraudulent trading?

Back

Parties knowingly conducting business with intent to defraud creditors s213

Card 3

Front

What is wrongful trading?

Back

Preview of the front of card 3

Card 4

Front

How long must you wait to use a liquidated companies name?

Back

Preview of the front of card 4

Card 5

Front

Why can a director be disqualified?

Back

Preview of the front of card 5
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