Fraudulent trading and personal liability: officers and partners may be held personally and jointly liable to liquidator. Application under rule 225 alleges the LLP carried on business with intent to defraud creditors and that named partners or officers knowingly ... Summary
Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
Fraudulent trading and personal liability: officers and partners may be held personally and jointly liable to liquidator.
Application under rule 225 alleges the LLP carried on business with intent to defraud creditors and that named partners or officers knowingly participated. It seeks declarations of fraudulent trading, that those respondents be personally and without limitation liable for debts incurred in the period, that they be jointly and severally liable to pay sums to the Liquidator, an order creating a first charge on specified assets or securities to secure that liability, and an order for costs and other relief the Tribunal considers fit.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.