Top court rules against developer in director duties case

Fri, 25 Sep 2020

In a key ruling on directors’ duties, the Supreme Court has found a property developer breached the Companies Act after he traded while insolvent, because he didn’t account for all of his creditors.The liquidators for Debut Homes sued director Leonard Cooper saying he failed in his duties finishing construction of several houses when the company was in financial strife.The decision will be studied by professional advisers because it considers how reckless trading provisions in the Companies Act should be interpreted, and aligns with...

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