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cash by way of the court requiring the culprits to repay any funds wrongly taken from the company, restoring the company to a position it would have been in had the breach of fiduciary duty never taken place and forcing them to account for any gain wrongly made, or loss inflicted on the company. Directors can also be required to make a personal contribution towards the insolvent corporate estate.
Misfeasance is set out under section 212 Insolvency Act 1986, but it only applies to Liquidations. It does not apply in an Administration. The closest equivalenting the latter is Schedule B1 paragraph 74 of the Insolvency Act 1986. This rule states that a creditor or member of a company in Administration may apply to the court claiming that the Administrator is acting or has acted so as unfairly to harm the interests of the applicant, or he proposes to act in a way which would unfairly harm the interests of the applicant.
This action here for such actions is against the Administrator, not the director or directors.
[See ‘Liquidator’, ‘Insolvency Act’, ‘Director’, ‘Administrator’ and ‘Fiduciary Duty’.]
The Money Advice Service (MAS) is part of the Financial Conduct Authority. It has been renamed as ‘Money Helper’, but many still know and call it by its original name.
It provides debt advice, financial guidance, financial capability training and education. It is also involved in lobbying and campaigning for legislative changes to improve the policies that contribute to people’s debt problems.
[See ‘Financial Conduct Authority’.]
The Money and Pensions Service (MaPS) is an arm’s-length body sponsored by the Department for Work and Pensions, established at the beginning of 2019, and also engages with HM Treasury on policy matters relating to financial capability and debt advice.
