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Company law


             To continue Sections 736-736B clearly describes how the courts can determine the difference between what is known as Parent Companies and Subsidiary Companies. .
             There are three important sections of the Insolvency Act 1986. The first is section 122, this section provides, that on honest grounds, if a petitioner presents a petition designed to wind up the company it has to be just. This however could lead the courts to determine the exact nature of the established cooperation that exists between the company directors and the shareholders for that company.
             Section 213 of the insolvency act 1986 deals with fraudulent trading. Should the case ever arise where an individual trades through a company with full knowledge that the company itself is unable to meet the demands of the trade then the person who has committed the fraudulent trading is liable and also required to compensate the company? There is an equivalent remedy in criminal law (Section 458 of the Companies Act) whereby the person who committed the fraudulent trade could face a fine or even imprisonment.
             Section 214 of the Insolvency Act deals with wrongful trading. This section deals with the company Directors (and shadow Directors) who acted on behalf of the company and engaged in trading that the Director knew to be wrongful; in other words the Director knew and finally for statutory rules there is Section 15 of the Company Directors Disqualification Act 1986 makes that point that in the event that a company Director who has been discharged from her/his post yet the company Director continues to act as Director of the company then he/she is personally responsible and hence liable for all the debts and obligations of the company.
             That the company was unable to fulfill. Whether there were good intentions or not should a company be insolvent upon trading then it is left to the directors to make a contribution on the company's behalf on winding up under law.


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