In a case brought by the liquidators, the High Court found two former directors liable for wrongful trading; that is, continuing to trade when they knew or should have known that there was no reasonable prospect of avoiding insolvency (section 214 of the Insolvency Act 1986).
United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Companies Act 2006 (UK), Insolvency Act 1986 (UK)