Director is personally liable for wrongful trading under s.214 IA 1986 where they knew or ought to have concluded there was no reasonable prospect of avoiding insolvent liquidation.
Insolvency
Applies the genuine dispute threshold under s.459H Corporations Act 2001 to determine whether a statutory demand should be set aside.
A supporting affidavit to a statutory demand must disclose facts sufficient to establish a genuine dispute, on its face, at the time of the demand.
Directors' duty to consider creditors' interests under s172(3) CA 2006 arises when a company is insolvent or bordering on insolvency, not merely facing a risk of insolvency.
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