Directors’ duties are partially codified in the Companies Act. A director is liable to the company for any loss, damages or costs, if he/she:
- acted in the name of the company without authority;
- acquiesced in carrying on of the company’s business despite knowing that it was being conducted recklessly;
- had been a party to a fraudulent act or omission by the company; or
- had been a party to publishing false and/ or misleading financial statements
- at a meeting failed to vote against certain matters.
Consult with our Commercial Law Team for advice in all aspects relating to the management of the affairs of a company where you serve as director.