Universal was a small insurance company that went into creditors' voluntary liquidation in November 2017. The company suffered heavy losses during 2016 as a result of unexpectedly high travel insurance claims. Its eventual collapse stemmed from the failure to make adequate provision for these claims in the company's reserves. The liquidators have informed the former officers of the business that they intend to bring proceedings against the former managing director and several of the company's former non-executive directors as well as all former directors. In outline, the liquidators are alleging that the directors should have ceased trading in mid-2016, around the time when the losses were first reported. Discuss the above scenario paying particular attention to the issues of wrongful and fraudulent trading.