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Liability in a money "laundering" scheme

Article Abstract:

A case study of liability in a money laundering scheme reveals current legal interpretation of the provisions of equity in such schemes. Company funds and assets are treated as trust funds, those who deal with those funds are, in effect, trustees, and the fraudulent use of those funds constitutes a breach of trust. In order for the plaintiff to recover illegally dispersed money, it must be proved that the defendants have a personal liability as as constructive trustees. Personal liability of a constructive trustee is based on the commission of a breach of trust or knowing assistance in fraudulent activity. Knowing assistance as grounds for liability in constructive trustees can be proved by inference from the circumstances. Knowing assistance can be the result of indifference to the possibility of fraud, and a failure to make proper inquiries or follow up on unsatisfactory answers.

Case studies, Liabilities (Accounting), Accounting, Money laundering

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The liability of a firm for the acts of the partners

Article Abstract:

Under Great Britain's Partnership Act of 1890, partnership firms are not legal 'persons' as are corporations; therefore, each partner in such a firm is legally liable for the actions of other partners under laws affecting torts, breach of trust and misappropriation of money or property. Individual partnership members' legal liability with regard to contractual acts of other partners, tort acts of other partners, handling of trust funds, billing of clients, and the apparent authority of the partnership as a whole are discussed. Court cases are cited in explanations of these liabilities and as illustrations of joint and severable liability.

Corporations, Partnership, Partnerships

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Insolvency Act 1985

Article Abstract:

In the first of three articles in a series on the Insolvency Act of 1985, Britain's insolvency practitioners (roughly equivalent to bankruptcy lawyers in the U.S.) are discussed insofar as the new law affects them. Topics discussed include: who is qualified to act as an insolvency practitioner, how to replace inept corporate directors whose companies have become insolvent, the wrongful trading provisions of the act and the Companies Act of 1985, to which the more recent act is an adjunct. The Insolvency Act of 1985 received the Royal Assent on October 30, 1985.

Interpretation and construction, Bankruptcy law

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