Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.

Chapter 17: Insolvency-related crime

Laura Atherton and Nadia Saleh

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law

Extract

When a company or an individual is subject to a formal insolvency procedure, the affairs of the company, or the individual, will often be investigated. Depending on the outcome of those investigations, claims or enforcement action relating to misconduct may be brought against directors of a company or those in some way involved with the company or, in the case of personal insolvency, the bankrupt individual. Most actions arising out of insolvencies are civil in nature and any recoveries made will generally benefit the creditors of the company or the bankrupt individual. However, there are also a number of offences which carry criminal liability. In this chapter, with help from K & L Gates LLP colleagues worldwide, we provide a high-level overview of insolvency-related criminal offences in a sample of jurisdictions across the globe, primarily in the corporate sphere. Both corporate entities and individuals can be subject to English law insolvency-related offences. The main corporate insolvency-related criminal offences can be found in Chapter 10 of Part 4 of the Insolvency Act 1986 (“IA86”) entitled “Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions”. These offences are fraud in anticipation of winding up, transactions in fraud of creditors, misconduct in the course of winding up, falsification of company’s books, material omissions from a statement relating to a company’s affairs, false representations to creditors, fraudulent trading and contravention of the restriction on the re-use of company names.

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