Pinnacle Point inquiry finds directors may have ‘traded recklessly’

Pinnacle Point inquiry finds directors may have ‘traded recklessly’


A COMMISSION of inquiry into the financial affairs of troubled property company Pinnacle Point Group has found that some actions taken by directors may constitute "reckless trading".

Under the Companies Act directors could be held personally liable for the debts of the company if a company’s business is carried out recklessly or with "intent to defraud" creditors.

Edward Nathan Sonnenbergs (ENS), the law firm which represented the liquidators of Pinnacle Point in the inquiry, said on Sunday there were discussions with creditors to issue summons against those who may be deemed liable. ENS director of insolvency, Leonard Katz, said the claims could be in excess of R60m.

http://seychellesrealitytoday.blogspot.co.uk/2013/07/pinnacle-point-inquiry-finds-directors.html