Roses/Val Ju30 Jan 2020 17:36
Insolvencies were part of my Debt Recovery Company 15 years back, so maybe something that can help guide you.
I believe in the Insolvency Act 1976, a Director has a duty of care not to trade insolvently, in breach of that duty of care a Director/s can be held personally liable for any debts incurred. Trouble is presumably there are no debts/
In fraud cases you have to prove there was an intention to defraud shareholders, and I believe there are dozens of RNSs that fall into that catagory. Perhaps a clearer angle is the Directors have been taking their salaries the whole way through, that in effect has put the company into a situation where they have to cease trading, call in administrators or liquidators, but the problem is there s no money in the kitty presumably to pay there fees to forensically account for expenditure. IMHO they have failed by not referring their salaries in pushing the company into an insolvent position. There is where you have a chance.
If you speak to solicitors bear this in mind, take advice and if favourable retain their services to take steps to stop the company trading. It would need all of you to contribute for the necessary fees .
I hope that helps a little bit, give it some thought.
And feel sorry for ALL you guys. ATVB