Paul Rossi was a director of Independent Derivative Traders Ltd, which traded as Futex and provided access to a financial markets trading platform for sub-contracted independent traders.
The company was jointly managed by Rossis brother Mark Rossi and Daniel Goldberg.
Independent Derivative Traders was incorporated in March 1995 but 11 years later in February 2016, the company was insolvent due to difficult trading conditions and increased running costs, which meant it could not meet all of its liabilities.
The directors received professional advice that all of Independent Derivative Traders creditors should be treated equally and the directors had an obligation to look after its creditors interests and not to worsen their position.
How…
Read the full article at: https://www.accountancydaily.co/financial-services-bosses-banned-trading-while-insolvent
