The well-known “CNA” case brought by the CNA liquidators against John Newton, the financial director of CNA on the basis of alleged reckless trading, is still very relevant today, even though the case was decided under the 1973 Companies Act. Newton was sued in 2007 by CNA’s joint liquidators, who claimed that during the period 2000 to read more..
The common law duties of directors have now been partially codified in the Act. The duties and liabilities of directors are dealt with in sections 75 to 77 of the Companies Act, 2008. The definition of “director” now includes: an alternate director;a prescribed officer;a member of a board committee; ora member of the audit committee read more..