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(p. 363) 15. Directors’ liabilities and vulnerable transactions on insolvency 

(p. 363) 15. Directors’ liabilities and vulnerable transactions on insolvency
(p. 363) 15. Directors’ liabilities and vulnerable transactions on insolvency

Brenda Hannigan

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date: 23 September 2020

This chapter considers directors' liabilities for company insolvency. Redress for breach of duty by directors is available through summary action for misfeasance (IA 1986, s. 212) while particular types of trading are targeted for civil recoveries, namely fraudulent trading (ss. 213, 246ZA) and wrongful trading (ss. 214, 246ZB). A liquidator or administrator may also seek to challenge certain transactions which took place in the run-up to liquidation or administration; for example, on the basis that they were transactions at an undervalue (s. 238) or intended to prefer a particular creditor (s. 239). More broadly, the overall conduct of the directors is reviewed in order to determine whether disqualification is an appropriate response.

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