United Kingdom directors dutiesrecoverystatutory loans to directors

re Queensway Systems Ltd

[2006] EWHC 2496 (Ch)

JurisdictionUnited Kingdom

CourtHigh Court of Justice, Chancery Division (Companies Court)

Year2006

StatusPersuasive authority

Key Principle

Where directors who are also the sole shareholders extract company funds for their own benefit, the liquidators may recover those sums as unauthorised loans/quasi-loans in contravention of s.330 Companies Act 1985 and/or as a misapplication of the company's assets in breach of fiduciary duty.

Area of Law

General

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