Winckworth Sherwood

UK 200 2014 position: 81

Wrongful and fraudulent trading — government consultation

The Insolvency Service and the Department for Business, Innovation and Skills have published consultations proposing amendments to the regulations affecting insolvency practitioners (IPs), the practice of insolvency and the reporting duties of IPs regarding the conduct of directors.

The proposals include increasing the powers of IPs in circumstances where a former director may be guilty of wrongful or fraudulent trading to enable: administrators to bring a claim for wrongful or fraudulent trading; and liquidators to sell or assign a claim against a director suspected of wrongful or fraudulent trading.

The stated aim of the Insolvency Service consultation, entitled ‘Red Tape Challenge — changes to insolvency law to reduce unnecessary regulation and simplify procedure’, is to ‘identify savings in the costs of administering insolvency proceedings, which should result in more money being returned to creditors, but without weakening the regulatory regime’…

If you are registered and logged in to the site, click on the link below to read the rest of the Winckworth Sherwood briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Winckworth Sherwood

View more briefings from Winckworth Sherwood

Overview

Minerva House
5 Montague Close
London
SE1 9BB
UK
http://www.wslaw.co.uk

Turnover (£m): 30.48
No. of lawyers: 117