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Mondaq – 26th Oct 2022

Why is the decision important?

For the first time, the Supreme Court has considered whether there is a common law duty on directors to act in the interests of creditors when a company faces insolvency but is not yet in an insolvency process (the so-called twilight zone) (the Creditors’ Duty).

Unanimously agreeing that such a duty does exist, the judgment provides important guidance on when that duty arises and what it requires of directors.

Is your Company Facing Insolvency? Company Directors Beware of the Misfeasance Claim

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