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Fraudulent Trading:
Under s.323, if the court finds that the business of a company in liquidation has been carried on with intent to defraud creditors or for any fraudulent purpose it may declare that any persons who were knowingly parties to carrying on the business in this fashion shall be liable for debts of the company as the court may decide.
It has been said that "if a company continues to carry on business and to incur debts at a time when there is to the knowledge of the directors no reasonable prospect of the creditors receiving payment of those debts, it is, in general, a proper inference that the company is carrying on business with intent to "defraud" (per Maugham J. in William C Leitch Bros (No 1)(1932). But in another case the same judge said that there must be evidence of "real dishonesty".
Defects in Appointment: S.181 provides that a director's acts shall be valid despite any defect that may afterwards be discovered in his appointment or qualification. This pro
State in brief aboput the Monetary Effects Besides real income effects there will also be monetary effects if nations seek to intervene in foreign exchange markets which govern
Lifting the veil under Case Law: Numerous English cases have been variously classified by English writers as instances of "lifting the veil of incorporation"
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