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By Frank Brumby;Andrew McTear;Chris Williams;Rosy Border

The Pocket legal professional sequence is designed for individuals of the general public who wish the way to suggestions in events that might commonly require specialist suggestion.

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Extra resources for Corporate Insolvency (Pocket Lawyer)

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The company’s lack of money affects everyone differently. The shareholders own the company and have the power to appoint directors. A director has responsibility for running the company. Both shareholders and directors can also be employees of the company. But the company has a separate existence of its own. When the company makes a sale to a customer, it is the company that is contracting with the customer. When the company buys goods, it is the company that is contracting with the supplier. A company’s liabilities are notionally its own and no one else’s.

The company could not treat him more favourably than anyone else. During this period, the directors will be making decisions and taking advice as to: ❍ ❍ ❍ 10 whether they can continue trading; whether any restructuring of the company needs to be done in order to turn it around; or whether the company needs to go into some kind of formal insolvency. CORPORATE INSOLVENCY 3 When does a company go into formal insolvency? A company goes into a formal insolvency by going into liquidation, administration, receivership or a company voluntary arrangement (CVA), all of which have their own specific meanings that are dealt with later.

18 CORPORATE INSOLVENCY 4 Who gets hurt in corporate insolvency? The corporate veil The corporate veil, as distinct from the assassin’s cloak, is the protection a company gives to the individuals who are its directors and shareholders. The corporate veil separates the company as a legal entity from its directors and shareholders as individuals, and only in extreme circumstances will the courts allow the corporate veil to be pierced. Thanks to the corporate veil, a company can go into a form of insolvency with no effect on the directors or shareholders personally unless: ❍ ❍ ❍ the shareholders have already contracted to pay more share capital than they have already paid, in which case they may be asked to pay the extra; or the directors have given guarantees (more about this on p 20); or the directors have misbehaved – see ‘Dodgy dealings’, p 67.

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