Directors who made agreements under which they were to be paid past consultancy fees and to pay other liabilities, in preference if necessary to other creditors, and without making provision for the costs of completing existing obligations, operated as an informal winding up of the company, and it was in breach the directors duty to the company, being for the benefit of the directors rather than the company.
Citations:
Gazette 14-Sep-2000
Statutes:
Jurisdiction:
England and Wales
Company
Updated: 09 April 2022; Ref: scu.83291
