Download Directors' Responsibilities to Creditors by Andrew Keay PDF

By Andrew Keay

This well timed paintings is the 1st to comprehensively research administrators' tasks to collectors in occasions of economic strife, in addition to addressing whilst those obligations come up, and what administrators must have to do to make sure that they agree to their responsibilities. Keay explores the suitable concerns from doctrinal, normative and comparative views and addresses the query as to while administrators are answerable for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and even if administrators will be held in charge 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 exact are recommended. corporation administrators have sure obligations to collectors in their businesses. specifically, they need to keep away from fraudulent and wrongful buying and selling and think about, as a part of their tasks, the pursuits of collectors while their businesses can be, or are, in monetary difficulty.  The paintings is brought about by way of the shortcoming of coherence within the attention of wrongful buying and selling and the hot supply of vital circumstances on fraudulent trading.  additionally, this well timed paintings is the 1st to comprehensively research administrators' tasks to collectors in occasions of economic strife, in addition to addressing whilst those tasks come up, and what administrators must have to do to make sure that they agree to their duties. Keay explores the suitable concerns from doctrinal, normative and comparative views and seeks to handle 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 will be held liable for wrongful buying and selling and failing to contemplate the pursuits of collectors. along with the correct united kingdom laws and case legislations, laws and case legislation from Australia, Canada, eire and the U.S. are tested and in comparison, and reforms which bear in mind the goals and reason of the proper 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 special are advised.

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Unfortunately, there is no legislative interpretation of ‘occupying the position of a director’. In becoming directors, persons should realise the important duties that they owe, the extensive powers they wield and the substantial obligations 3 4 De Lacy, J, ‘The concept of a company director: time for a new expanded and unified concept’, [2006] JBL 267 at 268. The Companies (Tables A-F) Regulations 1985, Table A, reg 70. Background to directors’ responsibilities 5 and responsibilities with which they must comply (Re Westmid Packing Service Ltd [1998] 2 All ER 124 at 130–131).

This will usually be where the company fails to meet its repayment schedule or the company enters some form of insolvency regime, such as liquidation. For the most part, secured creditors are not going to be overly concerned about the responsibilities that are examined in this book. They will monitor the company and, more specifically, the assets over which they have security, to ensure that the assets will realise funds that will adequately cover what is owed. 4 Unsecured creditors This category contains the vast majority of creditors.

Ireland’s fraudulent trading provision is s 297A of its Companies Act 1963. The provision was introduced by s 138 of the Companies Act 1990 and is in very similar terms to the UK legislation. The provision also imposes liability for reckless trading, equivalent to wrongful trading in the UK, and this is discussed in Chapter 8. Section 297 of the 1963 Act, as a result of s 137 of the 1990 Act, imposes criminal liability for fraudulent trading. Section 297A imposes civil liability. Singapore includes in its Companies Act 1990 a fraudulent trading provision (s 340), which derives from the UK Companies Act 1928 via the Companies Act 1961 of the State of Victoria in Australia.

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