Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
To establish fraudulent trading the tribunal must find transactions knowingly made with dishonest intent to defraud creditors, while wrongful trading targets directors or partners who knew or ought to have known insolvency was inevitable and failed to minimize creditor loss; the tribunal applied these distinct standards and found false entries and collusion between the corporate debtor and the counterparty, concluding receivables were wiped out without actual sales. Evidence met the civil standard of preponderance of probability on these facts, relevant earlier appellate and Supreme Court affirmations were noted, and the appeal was dismissed with the direction for contribution to the corporate debtor's assets.
To establish fraudulent trading the tribunal must find transactions knowingly made with dishonest intent to defraud creditors, while wrongful trading targets directors or partners who knew or ought to have known insolvency was inevitable and failed to minimize creditor loss; the tribunal applied these distinct standards and found false entries and collusion between the corporate debtor and the counterparty, concluding receivables were wiped out without actual sales. Evidence met the civil standard of preponderance of probability on these facts, relevant earlier appellate and Supreme Court affirmations were noted, and the appeal was dismissed with the direction for contribution to the corporate debtor's assets.
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