IO540
Exactly.
Whirlygig
Thanks for your valuable insight.
Things I never knew
I am pleased to have been able to enlighten you.
"Circumstances beyond a directors control" does NOT equal "trading with knowledge that debts cannot be repaid".
So let me see. Consider IO540's earlier scenario when a large debtor goes bust - at that moment the directors may well have knowledge the debts cannot be repaid, but given a little time, there may be better alternatives than placing the company into receivership.
If any forumite gets a set of Statutory Financial Statements from Companies House, and those accounts show a negative balance sheet, then it is not unreasonable that he or she can come on to this forum and say that that company is in financial difficulty.
Based on abbreviated accounts probably at least 8 months out of date? Hmm.
It is never black and white - which is why you do what you do - give sound advice, rather than dogma.