This resource goes into the various matters that directors of a company should bear in mind if insolvency is on the horizon, “lest incurring personal liability if insolvency becomes inevitable.” These include issues such as unfair preferences, undervalue transactions, fraudulent trading, payment of wages, keeping of proper books and records. If any director fails to maintain an adherence to requirements and standards, they would be guilty of an offense and liable to imprisonment and fine in Hong Kong.
Authors: Evelyn Chan, Partner, Adriel Wong, Trainee Solicitor, and Jane Lu, Paralegal, Gall
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Region:
Hong Kong
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