Directors Liability
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Payments made to another director

Two directors were held liable for payments made to another director. The payments took place shortly before the company went into liquidation. It was successfully argued by the firm's creditors that they should take precedence over the director and an award of £800,000 was made. Directors have fiduciary duty to take the correct course of action. It is also an established part of the UK legislative framework that directors should not profit from their position.

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