question archive Ciri and Yennifer are both Directors of an online company selling custom jewellery
Ciri and Yennifer are both Directors of an online company selling custom jewellery
Subject:BusinessPrice: Bought3
Ciri and Yennifer are both Directors of an online company selling custom jewellery.
SIlvershop Ltd. has been trading at a loss for 6 months and is relying on a floating
charge to keep in business. Ciri has had a meeting with their accountant who has
advised her that it is unlikely that the business can continue with their current income
as the business is already £100,000 in debt with very little revenue. Despite this
warning Ciri and Yennifer continue to take orders and payment for custom jewellery.
6 months later Silvershop Ltd. goes into liquidation. Oddly enough in the last six
months Ciri has purchased a new Tesla and Yennifer has just put a 20% down
payment on a snazzy £1,000,000 flat. SIlvershop Ltd. has over £300,000 of
outstanding debts and very little assets to speak of.
Advise the liquidator whether there are any legal actions to hold the Directors
personally liable. Specifically advise whether the Directors have breached any duties.
Advise the liquidator whether there are any legal actions to hold the Directors
personally liable. Specifically advise whether the Directors have breached any duties.
