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ARTICLE · 09 JULY 2021

Belief Alone Is Not Enough

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In disqualifying a director for seven years, the court distinguished between a belief held by the director

United KingdomCorporate/Commercial Law
Catherine Noble
Catherine Noble

In disqualifying a director for seven years, the court distinguished between a belief held by the director that the debts could be repaid and a reasonable prospect that the funds would be secured to achieve repayment.

The Company (Arise Networked Ltd) was incorporated in October 2012. The Company was to be part of a network of media companies, based in the UK and the USA, that focused on African news and events.  The Company was funded by monies transferred from Nigeria; however, in September 2014, the Nigerian Government introduced restrictions on the transfer of money out of Nigeria.

The Official Receiver (OR) considered that from December 2014, the director should have been able to assess whether the Company could continue to incur further liabilities in circumstances where there was no indication as to when the currency restrictions would be lifted.

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