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Section 214 of the Insolvency Act 1986 (“the Act”) defines wrongful trading as when the directors of a company continue to trade past the point where they knew, or ought to have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation. This action is available to the liquidator of the company against not only directors who are registered at Companies House, but also de facto and shadow directors. The key step for a liquidator is establishing the date at which it can be shown that the directors continued ...

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Brexit – a third of UK Businesses risk insolvency

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26th January 2018

Many businesses in the UK face considerable financial difficulty as the uncertainty of ongoing trade with Europe continues. The value of the sterling, rising inflation and prolonged Brexit negotiations are all having a negative effect in many sectors. Some organisations that trade with Europe have reached crisis point due to the inevitability of reduced trade under these circumstances and increased associated costs. According to the insolvency and restructuring body R3, a third of all companies are susceptible to insolvency up from around a quarter at the start of 2017 ...

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Brexit – a third of UK Businesses risk insolvency