Directors of companies are in a position of immense responsibility, entailing not only fiduciary duties (such as preventing conflicts of interest and duties of care and skill) but also many obligations which will be increased with the new Companies Act.
Of course, all these responsibilities are affected by good corporate governance as included in the latest King report.
There are many circumstances which can make directors personally liable to creditors and the company.
We can assist in all matter in this connection and are able to provide expert advice for both plaintiff and defendant on issues such as:
Breach of fiduciary duties
Misappropriation of corporate opportunities and funds
The various remedies.
The New Companies Act has introduced a number of new remedies, actions and procedures designed to assist aggrieved shareholders as well as increased and more complicated duties and responsibilities for directors and other office bearers in companies.
This has increased the ability to enforce fiduciary duties and recover damages but also increased the difficulties and dangers in holding office. We have an intimate knowledge of company legislation which helps us use the new machinery effectively and creatively.