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INC, Solicitor-Advocate
Category: UK Law
Satisfied Customers: 11613
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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If 2 companies both owned equally by the same directors are

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If 2 companies both owned equally by the same directors are in the process of being separated. i.e. one going to each party and there is email correspondence to prove this. Yet one of the directors has withdrawn all the money from both bank accounts into his personal account, not only that but he has used the online banking information of the other diretor in order to access one of the accounts - thus draining both business of cash, is this fraud? Surely this would be against the law as the role of a director is to act in the best interest of the company. Also the fact he used another persons log in information must be breaking a law in the data protection act.

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INC : Hi, do you mean that one director has used the login details of the other director to gain access to the business account online?
Customer: Yes he has used the other director's (who handles company finances) login details to drain the bank, transferring all the money to himself from the first company. He has then started withdrawing cash from the second company as he has no access to the online banking. He has also signed in to the other directors facebook and deleted admin rights to company pages and has changed the passwords to both personal and business related websites linked to the company. It would appear he is just trying to destroy both the businesses whilst taking as much personal money out as possible.
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