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What’s in a name?

Quite a lot, for obvious reasons. But even more so if it’s a new company starting to trade under the same name as one that’s previously gone bust. Under Section 216 of the Insolvency Act 1986, it is a criminal offence for company directors to trade under the same as a company that has previously been declared insolvent. Directors who contravene the Act could be liable to a fine and possibly imprisonment. What’s more, if the new company accumulates any debts, then the directors may also be personally liable for those debts. (more…)

Category : Corporate Insolvency — Tags: , — admin @ 3:20 pm September 30, 2009

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