Friday 22 May 2015

Gibraltar: Supreme Court considers directors' duties

The Hon. Mr. Justice Jack, sitting in the Supreme Court of Gibraltar, gave judgment last month in Compson v FSC, Weal v FSC (Claim No 2015 C No 001 and Claim No 2015 C No 002): see here (pdf). This is an important decision on directors' duties and the operation of section 35(1A) of the Financial Services (Investment and Fiduciary Services) Act 1989, in which the trial judge accepted as relevant the principles on directors' individual and collective responsibility outlined by Jonathan Parker J. and approved by the English Court of Appeal in Baker v Secretary of State of Trade and Industry [2001] BCC 273.

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