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Posted by catwomyn (U1485618) on Tuesday, 24th January 2012
Can anyone remember exactly or can Tayler tell me what Matt was convicted of? I can't remember if it was fraudulent trading, or bog standard fraud? Pretty sure it wasn't wrongful trading.
Just putting my current studies in context.
Cat x
, in reply to message 1.
Posted by Organoleptic Icon (U11219171) on Tuesday, 24th January 2012
It was in connection with a bank loan. I think misstatement of their financial position to the bank.
oh, was it? I had thought it was continuing to trade after they knew the company was insolvent, but my memory is very hazy. Misstatement of financial position to bank would still be defrauding creditors. Would still like to know the actual offence he got done for.
Thanks OI
Cat x
, in reply to message 3.
Posted by Organoleptic Icon (U11219171) on Tuesday, 24th January 2012
I'm fairly sure it was fraud and charged as such. The bank being the defrauded party.
If you go to lowfield you will find it soon enough.
Or just wait for Chris the fish who will know!
Thursday 10th September
Matt is finally charged with being in breach of the Fraud Act Section 2. He remains on bail though. After the charge, Matt is very shocked to learn that the maximum sentence is 10 years. Matt won't listen to hearing that that is the maximum sentence and won't apply since he has cooperated with the SFO and just takes off.
excellent, thank you! Now off to dust off textbook.
Still wondering why the directors weren't done for fraudulent trading, but there you go.
Cat x
, in reply to message 6.
Posted by Organoleptic Icon (U11219171) on Wednesday, 25th January 2012
Still wondering why the directors weren't done for fraudulent trading, but there you go.
Cat xÂ
There are very few prosecutions for trading whilst insolvent because if the law was applied rigorously half British industry would have to close tomorrow.
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