17.Fraudulent_Trading.pdf

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Carrying on of the business of a company
with intent to defraud creditors of the
company or creditors of any other person or
for any fraudulent purpose
The Test
: must be proved that
the person actually believed the
company was trading
fraudulently
Knowingly
Civil
(personal liability without limit for
someone or all of the company’s debts
on the guilty person)
Summary
conviction: a
fine/imprisonment no longer
than 12 months
Sanctions
Fraudulent
Trading
Any person can be held liable –
not only directors and officers, but
any person connected to
fraudulent acts
Intentionally
Re Aluminium Fabricators Limited (1984
)
Re Hunting Lodges Ltd (1985)
Indictment
: a fine not exceeding
€500.000 or imprisonment no
longer than 10 years
Criminal
: Category 1
offence
Disqualification orders
(may be
imposed, but automatic where the
offence is prosecuted upon
indictment)

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