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In addition, under s217 a person will be personally responsible for the ‘relevant debts’ of a company if they are involved in the management of the company in breach of s216 … … or if they are involved in the management of a company and takes instructions from a person they know to be in breach of s216.
The ‘relevant debts’ are those debts which were incurred whilst that person was acting in contravention of s216 or taking instructions from a person s/he knew to be in contravention of s216. This is the debts of the new company.
[See ‘Insolvency Act’, ‘Liquidation’, ‘Court of Appeal’ and ‘Director’.]
The process of laundering money typically involves three steps: placement, layering, and integration.
Being the first stage, placement is where ‘dirty’ money is placed into legal, financial systems. After getting hold of illegally acquired funds through theft, bribery and corruption, financial criminals move the cash from its source.
[See ‘Money Laundering’, ‘Layering’ and ‘Integration’.]
A ‘preamble’ is, effectively, the contents pages at the front of every statute. It is very often the best way to understand what the statute contains and where to go to find the detail within the body of the Act/Rules/Regulations, etc.
For example, the preamble to the Insolvency Rules 2016 sets out the contents in ‘parts’, such as Part 7 – winding-up by the court, and Part 18 – Remuneration and Reports.
You would be well advised to get hold of a copy of the original statute (in the Butterworths Insolvency Law Handbook, Sealy and Milman or on the Internet by typing the statute into a search engine and clicking on one of the first couple of links on the screen). In this way you will gain an understanding of how statutes are constructed and worded.
[See ‘Insolvency Rules 206’, ‘Butterworths Insolvency Law Handbook’ and ‘Sealy and Milman’.]
