340. Responsibility for fraudulent trading Flashcards
1
Q
- Responsibility for fraudulent trading
A
General overview
[340.01] This section provides for the personal liability of persons who carry on any business with the intent to either defraud creditors of the company, creditors of any other person or for any fraudulent purpose, where the court may on the application of the liquidator, creditor or contributory declare that person who was knowingly a party to carrying on the business in that manner personally liable for the debts or liabilities.
