Important Changes to Reckless Trading Test

Brendan Colgan, Kevin Gahan, Julie Murphy-O'Connor and Tony O'Grady of Matheson examine recent amendments to Ireland's Companies Act which aim to clarify and improve the reckless trading test by replacing the defense of acting “honestly and responsibly” with a new provision requiring directors to take all reasonably practicable steps to minimize loss to creditors once they are aware of potential insolvency.

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