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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Personal liability for fraudulent trading: directors and officers face unlimited debt responsibility and section 447 consequences</h1> In the course of winding up, if a company's business has been carried on with intent to defraud creditors or for any fraudulent purpose, the Tribunal may, on application by the liquidator, a creditor, or a contributory, declare directors, managers, officers, or other knowing participants personally liable without limit for all or specified company debts. The Tribunal may further secure such liability by charging debts or obligations owed by the company to such persons, or any security or interest they hold in company assets, and enforce that charge. Knowing participants are also liable for action under section 447, irrespective of other concurrent legal penalties.
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