prevents a director holding office. Applies to natural persons & corporations holding directorships.
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s2 CDDA 86
Enforced if there’s a conviction for a serious offence regarding company’s formation, promotion, management, or liquidation
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s3 CDDA 86
Enforced if there’s continual failure to send documents which have to be filed with the registrar
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s4 CDDA 86
Enforced if a director’s knowingly carried on the company’s business with an intention to defraud credits or anyone else for any fraudulent purpose.
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(s212 IA 1986).
In winding up, directors may have to repay or contribute to the company’s assets if proved there was malfeasance/misappropriation
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s213
IA 1986
Anyone knowingly involved in fraudulent trading can be ordered to make a payment
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s214
IA 1986
A director still trading whilst knowing co. in financial difficulty but hopes to overcome this can incur more losses/liabilities. If found negligent, may be ordered to contribute to company assets
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Vald. v Baldorino (2019)
High Court disagreeing that directors owed a fiduciary duty to their shareholders but still awarded damages for fraud.
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s183
CA 06
. A breach of s182 results in the director being liable to a fine
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s178 CA 06
Breaching directors’ duties has consequences & duties, except 174, can be enforced like any other fiduciary duty a director owes to co.
May be held for damages (only remedy for s174)
Accounting for profit
Rescission of contract
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Other cards in this set
Card 2
Front
s2 CDDA 86
Back
Enforced if there’s a conviction for a serious offence regarding company’s formation, promotion, management, or liquidation
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