If the directors knowingly has taken illegal dividends
I assume there needs to be a note in the accounts ?
Replies (3)
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I think the directors should receive legal advice before including any statement in the accounts that might indicate that they have failed one of their directorly duties or have committed a Companies Act offence, which is what the last disclosure suggested foes.
Personally I would not be inclined to pay any attention to an article that describes an ultra vires dividend as illegal, whoever's website it appears on.