Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the consequences for the directors if the company is subsequently placed into CVL because it is unable to pay creditors in full?

0
Posted

What are the consequences for the directors if the company is subsequently placed into CVL because it is unable to pay creditors in full?

0

The liquidator will be required to carry out an investigation into the directors conduct and, in particular, look at whether or not the initial declaration of insolvency was made on reasonable grounds. If the liquidator finds that it was not made on reasonable grounds, the directors could be liable to a fine or imprisonment or both.

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.

Experts123