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High Court, in an application to vary a maintenance order in the case of a director who had misused company funds for personal expenses and submitted false evidence to the court, and then declared bankruptcy in his home country, suspends the director's maintenance payments at a reduced rate of €3,000 per month during the bankruptcy process or for six months, whichever is shorter, acknowledging the director's financial disclosure to the insolvency service, and allowing the bankruptcy process to conclude or to reassess the situation in six months.
Director Misconduct - Company Funds Misappropriation - False Evidence - Bankruptcy - Maintenance Order Suspension - Insolvency Service - Family Law Act 1995 - In Camera Proceedings - Civil Liability and Courts Act 2004 - Corporate Governance - Director's Duties, Contempt of Court - Financial Disclosure - Trustee in Bankruptcy - Variation of Maintenance Application - Personal Entertainment Expenditure - False Accounting - Director Loans - Tax Liabilities.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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