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This resource goes into the various matters that directors of a company should bear in mind if insolvency is on the horizon, “lest incurring personal liability if insolvency becomes inevitable.” These include issues such as unfair preferences, undervalue transactions, fraudulent trading, payment of wages, keeping of proper books and records. If any director fails to maintain an adherence to requirements and standards, they would be guilty of an offense and liable to imprisonment and fine in Hong Kong.

Authors: Evelyn Chan, Partner, Adriel Wong, Trainee Solicitor, and Jane Lu, Paralegal, Gall

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Region: Hong Kong
The information in any resource collected in this virtual library should not be construed as legal advice or legal opinion on specific facts and should not be considered representative of the views of its authors, its sponsors, and/or ACC. These resources are not intended as a definitive statement on the subject addressed. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers.