Personal liability and termination of directors 0.0 / 5 ? LawBusiness EntitiesUniversityOther Created by: mellonCreated on: 28-04-14 19:51 What is misfeasance? s212 Right to bring proceeding against director for breach of duty or other wrongful conduct 1 of 6 What is fraudulent trading? Parties knowingly conducting business with intent to defraud creditors s213 2 of 6 What is wrongful trading? D knew or ought to have known there was no reasonable prospect of avoiding insolvent liquidation s214 3 of 6 How long must you wait to use a liquidated companies name? 12 months 4 of 6 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 5 of 6 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 6 of 6
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