United Kingdom distributionscapital maintenancedirectors liability

Re Marini Limited

[2003] EWHC 334 (Ch)

JurisdictionUnited Kingdom

CourtHigh Court of Justice, Chancery Division (Companies Court)

Year2003

StatusPersuasive authority

Key Principle

A director who pays away company money as an unlawful distribution (a dividend not justified by properly prepared relevant accounts) is liable to restore it, but only to the extent that the distribution was in fact unlawful, and may be relieved under s.727 Companies Act 1985 if he acted honestly and reasonably.

Area of Law

General

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