| Insolvency |
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_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg) |
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Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the insolvent company.[1] Under Australian insolvency law the equivalent concept is called "insolvent trading".[2]
- ^ "Insolvency Act 1986: Section 214". legislation.gov.uk. Crown. Retrieved 30 July 2014.
- ^ "Corporations Act 2001 (Cth), section 588G". AUSTLII. Retrieved 25 June 2015.