I rather think it is a no no to trade when insolvent
The technical term is "illegal" - Section 214 Insolvency Act 1986. This section makes particluar reference to the skills, experience and qualifications of the directors in assessing whether they knew the company was trading wrongfully and and therefore culpable of the offence.
I would suggest that an Management Degree (or Mickey-Mouse MBA) would be deemed a sufficient qualification to reasonably know that your company was trading wrongfully without regard to the creditors.
If fraudulent trading can be proved, then it's a criminal offence.
Another thought .... how much does a day's hire of a low-loader cost?
Cheers
Whirls
All these section numbers ....takes me back!
