Fraudulent Business Carried out by a Sole Trader
This offence is parallel to that of fraudulent trading (s.458 Companies Act 1985), but instead applies to non-corporate traders including sole traders, partnerships, trusts, and companies registered overseas.
A conviction can only result if it is proved that the defendant:
- was knowingly a party to the carrying on of a business;
- with intent to defraud creditors of any person or the business, or
- for any other fraudulent purpose.
The term "fraudulent purpose" means an intention to go beyond the bounds of what ordinary decent people engaged in business would regard as honest.
A person guilty of an offence under this section is liable;
- to a term not exceeding six months imprisonment and/or to a fine not exceeding £5000, if dealt with in the Magistrates court,
- to a term not exceeding 10 years imprisonment and/or an unlimited fine, if dealt with in the Crown court.
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