Mitigating circumstances
It all depends on if you have any prior convictions or a similar situation. Your case will be thoroughly examined in relation to what your role was within the business, what the contributing factors were in the way you acted which caused creditors to lose money and whether you acted within your fiduciary duties to mitigate the losses to safeguard the situation. There are various other matters which can also be considered.
Where a company has struggled due to other unforeseen circumstances, then a judge may be more lenient and forgiving. For instance, if you can demonstrate that the intention was to always pay back all your debts BUT that due to unexpected financial obligations, the situation became untenable for you to then a judge may be more sympathetic.
It should be noted that if your case goes to Court and you are convicted then this will be recorded on your CRB / police record. The length of the endorsement will depend on the nature and length of the sentence imposed.
We have written some simple guidance to point you in the right direction so that you are better equipped in understanding your options. Please follow the articles on the website marked Fraudulent trading.
Next Steps
If you want to find out anything further about this topic then please feel free to call on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email vee@navigatebr.com
This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising because of any person or organisation acting or refraining from acting on any information.
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