The recent Supreme Court decision in Bilta (UK) Ltd (in liquidation) & others v Tradition Financial Services Ltd, provides important guidance on those who may be caught within the scope of fraudulent trading under section 213 of the Insolvency Act 1986.
Meaning of “any person” under section 213 Insolvency Act 1986
Section 213 enables the English court to order that “any person” that was party to the fraudulent business of a company being wound up to be held liable to contribute to the company’s assets: if in the course of the winding up of the company, it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent…