Duties of a director in the insolvency vicinity – Guardian

CBN Governor, Godwin Emefiele English decisions suggest that the duties are owed for the benefit of creditors: HLC Environmental Projects Ltd v Carvalho (2014) BCC 337, 362; Colin Gwyer & Associates Ltd v London Wharf Ltd (2003) BCC 885, 906 [74]; West Mercia Safetywear Ltd v Dodd (1988) BCLC 250 at 253;Brady & Anor v Brady & Anor (1987) 3 BCC 535, 552. In contrast, Australian authorities such as Walker v Wimborne (1976) 137 CLR 1 and Bell Group Ltd v Westpac Banking Corp (2012) WASCA 157 and leading judicial authorities in New Zealand such…

Tough bankruptcy conditions imposed on ‘grossly reckless’ David Henderson – The National Business Review

The High Court in Christchurch has banned property developer David Henderson from running a company for six years on top of his six-year-long bankruptcy, which is set to be lifted next month. Associate Judge Rob Osborne has ordered a number of restrictions on Henderson’s dealings in a 134-page judgment, which will release the developer from…

Ukraine’s biggest lender PrivatBank nationalised – BBC News

Image copyright Reuters Ukraine’s biggest commercial bank, PrivatBank, has been nationalised in a move aimed at protecting 20 million customers and “preserving financial stability in the country”. The country’s central bank said the problems faced by PrivatBank were mainly caused by its “imprudent lending policy” which led to capital losses. Ukraine’s president Petro Poroshenko has…