Providing the intricate financial detail required if a charge of trading while insolvent or other misfeasance claim has been brought.
When a company enters liquidation, one of the statutory requirements of the insolvency practitioner is to consider whether any company director has been guilty of wrongful trading. Should there be any suspicion of wrongful trading or misfeasance, the insolvency practitioner is duty bound to report their concerns to the appropriate bodies and consider taking action against the director personally.
If an individual is found guilty of wrongful trading and/or misfeasance, the consequences can be severe and will ordinarily result in director disqualification. Depending on the level of wrongdoing proven, they could also be held personally liable for company debts. In more serious cases, the director could find themselves facing a prison sentence.
If an individual is being threatened with allegations of wrongful trading, we can expertly guide them through the process. We work directly with company directors and also with insolvency practitioners when misfeasance claims are threatened.
In addition, we also support legal advisors during the litigation process by way of expert practical advice and financial analysis, dealing with key components in the advancement or defence of legal arguments around: