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Part VI Public Interest and Insolvency Proceedings, 33 Directors’ Functions and Duties in Insolvency Proceedings

Hilary Stonefrost

From: Company Directors: Duties, Liabilities, and Remedies (4th Edition)

Edited By: Mark Arnold KC, Simon Mortimore KC

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Subject(s):
Approved person — Conduct of business regulation — Regulated persons — Insolvency set-off

This chapter discusses the functions and duties of directors in insolvency proceedings. It cites the provisions of the Insolvency Act as amended and associated case law, which particularly affects the functions and duties of directors. The inception of insolvency proceedings and its effects on directors’ powers and directors’ duties provide information about the company’s affairs and assist in investigation procedures under the Insolvency Act. In March 2020, a standalone moratorium became a permanent feature of the insolvency regime in response to the economic and financial impact of COVID-19. The chapter also looks into the liabilities of directors arising from insolvency proceedings.

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