Download Directors' Responsibilities to Creditors by Andrew Keay PDF

By Andrew Keay

This well timed paintings is the 1st to comprehensively study administrators' duties to collectors in instances of economic strife, in addition to addressing while those duties 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 whilst administrators are accountable for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and no matter if administrators could be held in charge for the sooner than mentioned. Besides the correct united kingdom laws and case legislation, laws and case legislation from Australia, Canada, eire and the USA are tested and in comparison and reforms which keep in mind the goals and intent of the proper laws in addition to collectors' pursuits are proposed and assessed. Importantly, new methods for courts which might make the character of the accountability and its timing extra unique are urged. corporation administrators have sure tasks to collectors in their businesses. particularly, they need to keep away from fraudulent and wrongful buying and selling and view, as a part of their tasks, the pursuits of collectors whilst their businesses may be, or are, in monetary difficulty.  The paintings is induced via the shortcoming of coherence within the attention of wrongful buying and selling and the new supply of significant circumstances on fraudulent trading.  additionally, this well timed paintings is the 1st to comprehensively study administrators' tasks to collectors in instances 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 appropriate concerns from doctrinal, normative and comparative views and seeks to handle the query as to while administrators are accountable for wrongful buying and selling, fraudulent buying and selling or breach in their tasks to collectors and even if administrators could be held accountable for wrongful buying and selling and failing to think about the pursuits of collectors. in addition to the correct united kingdom laws and case legislation, laws and case legislations from Australia, Canada, eire and the USA are tested and in comparison, and reforms which bear in mind the goals and intent of the correct 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 specific are advised.

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Additional resources for Directors' Responsibilities to Creditors

Example text

It is not intended to discuss the work and roles of directors, as this is accomplished in many standard texts; what this book seeks to do is to examine a specific aspect of the role of directors, namely their responsibilities to the creditors of their companies. 1 It is trite law that directors owe duties to their companies as a whole, and these include duties that are known as ‘fiduciary duties’. 2 The legislature has provided that directors must do certain things during their tenure, and some of these obligations can, in general terms, be regarded as being owed to creditors, either directly or indirectly.

28 Fraudulent trading Comparisons The legislations of several Commonwealth countries and Ireland have provided for proceedings where fraudulent trading has been perpetrated. 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.

Unlike the UK and Ireland, Australia, which abandoned a provision that dealt with fraudulent trading in the early 1960s, does not now have two different actions for fraudulent trading on the one hand and irresponsible trading on the other. There is only one kind of activity that is proscribed, namely insolvent trading. Whether a director was engaged in what the UK legislation terms as fraudulent or wrongful trading, directors in Australia will be held liable for insolvent trading. Insolvent trading involves, as we will see in Chapters 7 and 10, a director incurring debts when his or her company was insolvent and the director was aware at the time of the incurring of the debt that there were grounds for suspecting the insolvency of the company or a reasonable person in a like position in a company in the company’s circumstances would have been aware of the company’s insolvency (Corporations Act 2001, s 588G).

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