Facts
Mr Lane Bednash was the liquidator of the DGA (UK) Ltd. DGA had provided engineering consulting services. Bednash sought an order under the Insolvency Act 1986 s.212 (misfeasance for breach of a fiduciary duty) and s.238 (transactions at an undervalue) against Mr Hearsey. Mr Hearsey had been the sole beneficial shareholder and controlling director of DGA. DGA had traded successfully in 1991 and 1992, but then its position had worsened. It had gone into liquidation through voluntary winding up proceedings in 24 February 1994. Apparently, in April 1994, there had been a burglary at the office by an unknown person, and all the accounts books had been stolen.
Bednash contended that Hearsey had paid himself an excessive salary and pension contributions.
Read more about this topic: Bednash V Hearsey
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