Section 1157 of the Companies Act 2006 provides the court with the power to grant a director relief where the director has breached a duty but it appears to the court that he has acted honestly and reasonably and that, having regard to all in the circumstances, he ought fairly to be excused. The application of section 1157 was considered in an opinion delivered earlier today in the Court of Session (Outer House) by Lord Woolman: McGivney Construction Ltd v Kaminski [2015] CSOH 107. Referring to several Scottish and English authorities, including Towers v Premier Waste Management Ltd [2011] EWCA Civ 923, a director's claim for relief under section 1157 was refused because he had acted dishonestly.
Tuesday, 11 August 2015
UK: Scotland: section 1157 of the Companies Act 2006
Section 1157 of the Companies Act 2006 provides the court with the power to grant a director relief where the director has breached a duty but it appears to the court that he has acted honestly and reasonably and that, having regard to all in the circumstances, he ought fairly to be excused. The application of section 1157 was considered in an opinion delivered earlier today in the Court of Session (Outer House) by Lord Woolman: McGivney Construction Ltd v Kaminski [2015] CSOH 107. Referring to several Scottish and English authorities, including Towers v Premier Waste Management Ltd [2011] EWCA Civ 923, a director's claim for relief under section 1157 was refused because he had acted dishonestly.
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