Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be restored.

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....The article examines an appellate finding that payments characterised as managerial remuneration were not fraudulent trading where there is no cogent evidence of intent to defraud and where payments were made in the ordinary course for legitimate services; such payments were therefore not set aside. A distinct post-commencement cheque withdrawal cleared after insolvency commencement was held to reflect awareness of impending insolvency and must be restored to the corporate debtor. Routing receipts through a sister concern or non-payment of statutory dues, without specific pleading or proof of dishonest design, do not alone establish fraudulent or preferential transactions.....