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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

08 JUL 2010

Goldfarb v Higgins & Ors [2010] EWHC 1587 (Ch) (07 July 2010) - sections 213 and 189 IA86 considered

Mr Justice Roth  has handed down his judgment in Goldfarb v Higgins & Ors [2010] EWHC 1587 (Ch) (07 July 2010). The case involves a consideration of sections 189 and 213 of the Insolvency Act 1986 (IA86) and a schedule of loss cataloguing the damage that the s.213 fraudulent trading gave rise to. On contribution pursuant to s.213 IA86 the learned judge observed:

"Mr Charalambous was the sole registered director of the Company who therefore had the principal responsibility for its operations. It is only because he had not profited personally from the fraud, whereas others have done, and it appears he may have been the "front man" for the fraud, that I determined that his contribution pursuant to section 213(2) should be only 50%."

Following a discussion of interest and s.189 IA86 the learned judge concludes that Mr Charalambous is therefore liable to make a contribution as to one-half of the outstanding claim of £490,137.32, i.e. £245,068.66.

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