''Re Sarflax Ltd''
979
Year 979 ( CMLXXIX) was a common year starting on Wednesday (link will display the full calendar) of the Julian calendar.
Events
By place Byzantine Empire
* March 24 – Second Battle of Pankaleia: An Ibero-Byzantine expeditionary ...
Ch 592;
979
Year 979 ( CMLXXIX) was a common year starting on Wednesday (link will display the full calendar) of the Julian calendar.
Events
By place Byzantine Empire
* March 24 – Second Battle of Pankaleia: An Ibero-Byzantine expeditionary ...
1 All E.R. 529 is a
UK insolvency law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the ...
case concerning voidable preferences and
fraudulent trading
In company law, fraudulent trading is doing business with intent to defraud creditors.
Law
Where during the course of a winding-up, it appears to the liquidator that fraudulent trading has occurred, the liquidator may apply to the court for an or ...
, now in the
Insolvency Act 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK.
History
The Insolvency Act 1986 followed the publication and ...
. It concerns the definition of "intention to defraud", which is found in a number of legal provisions.
Facts
Sarflax Ltd was in
liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistr ...
. It incurred another debt after a judgment that it had delivered unsatisfactory goods. The liquidator moved for a declaration that the delivery of these unsatisfactory goods was evidence of fraudulent trading. It also argued Sarflax had preferred other creditors over the {{not a typo, deliveree, knowing it was unable to pay its debts in full.
Judgment
Oliver J held that "intention to defraud" in the voidable preference section (now Insolvency Act 1986, section 239) did not cover a case where a debtor merely knew or had grounds to think he had no sufficient funds to pay creditors in full.
See also
*''
R v. Grantham
''R v Grantham'' 984QB 675 is a UK insolvency law case which decides that an intent to defraud, now under the Insolvency Act 1986 section 213, needs to be established for a conviction for fraudulent trading, and knowing that there was no pro ...
''
984
Year 984 ( CMLXXXIV) was a leap year starting on Tuesday (link will display the full calendar) of the Julian calendar.
Events
By place
Europe
* Spring – German boy-king Otto III (4-years old) is seized by the deposed Henry II ...
QB 675
*''
Re Augustus Barnett & Son Ltd''
986
Year 986 ( CMLXXXVI) was a common year starting on Friday (link will display the full calendar) of the Julian calendar.
Events
By place
Byzantine Empire
* August 17 – Battle of the Gates of Trajan: Emperor Basil II leads a By ...
BCLC 170
*''
Re a Company (No 001418 of 1988)
''Re a Company (No 001418 of 1988)'' 990BCC 526 is a UK insolvency law case, on the offence of fraudulent trading under s.213 of the Insolvency Act 1986.
Facts
The company had exceeded its overdraft limit and fallen behind in payments for PAYE ...
''
990
Year 990 ( CMXC) was a common year starting on Wednesday (link will display the full calendar) of the Julian calendar.
Events
By place
Europe
* Al-Mansur, ''de facto'' ruler of Al-Andalus, conquers the Castle of Montemor-o-Velho (mode ...
BCC 526
References
*Gary Scanlan (2003) ''Company Lawyer'' 234
United Kingdom insolvency case law
High Court of Justice cases
1979 in United Kingdom case law