Overview

This timely work is the first to comprehensively examine directors' responsibilities to creditors in times of financial strife, as well as addressing when these responsibilities arise, and what directors should have to do to ensure that they comply with their obligations. Keay explores the relevant issues from doctrinal, normative and comparative perspectives and addresses the question as to when directors are liable for wrongful trading, fraudulent trading or breach of their duties to creditors and whether directors should be held responsible for the before mentioned. Besides the relevant UK legislation and case law, legislation and case law from Australia, Canada, Ireland and the United States are examined and compared and reforms which take into account the aims and rationale of the relevant legislation as well as creditors' interests are proposed and assessed. Importantly, new approaches for courts which would make the nature of the responsibility and its timing more precise are suggested. Company directors have certain responsibilities to creditors of their companies. In particular, they should avoid fraudulent and wrongful trading and consider, as part of their duties, the interests of creditors when their companies might be, or are, in financial difficulty. The work is precipitated by the lack of coherence in the consideration of wrongful trading and the recent delivery of important cases on fraudulent trading. Also, this timely work is the first to comprehensively examine directors' responsibilities to creditors in times of financial strife, as well as addressing when these responsibilities arise, and what directors should have to do to ensure that they comply with their obligations. Keay explores the relevant issues from doctrinal, normative and comparative perspectives and seeks to address the question as to when directors are liable for wrongful trading, fraudulent trading or breach of their duties to creditors and whether directors should be held responsible for wrongful trading and failing to consider the interests of creditors. Besides the relevant UK legislation and case law, legislation and case law from Australia, Canada, Ireland and the United States are examined and compared, and reforms which take into account the aims and rationale of the relevant legislation as well as creditors' interests are proposed and assessed. Importantly, new approaches for courts which would make the nature of the responsibility and its timing more precise are suggested.

Full Product Details

Author:   Andrew Keay (University of Leeds, Leeds, England, UK)
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge Cavendish
Dimensions:   Width: 15.60cm , Height: 2.30cm , Length: 23.40cm
Weight:   0.771kg
ISBN:  

9781845680756

ISBN 10:   1845680758
Pages:   422
Publication Date:   03 November 2006
Audience:   Professional and scholarly ,  Professional and scholarly ,  Professional & Vocational ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction. Fraudulent Trading. Wrongful Trading. A Duty to Consider the Interests of Creditors. Theoretical Analysis

Reviews

"""Keay's text...would be [a] welcome addition to any corporate insolvency law library."" - Insolvency Law Journal, issue 201 (2007)"

<p> Keay's text...would be [a] welcome addition to any corporate insolvency law library. - Insolvency Law Journal, issue 201 (2007)

Keay's text...would be [a] welcome addition to any corporate insolvency law library. - Insolvency Law Journal, issue 201 (2007)

Author Information

University of Leeds, UK

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