Lexi Holdings plc v Luqman [2007] EWHC 2652 (Ch) concerned an application for summary judgment, but nevertheless contains several important points concerning directors’ duties and the Re Duomatic principle. The trial judge:
(a) held the Re Duomatic principle does not apply where the company is insolvent
(b) declined to answer whether Re Duomatic could be invoked in respect of the approval of a beneficial rather than legal owner of shares
(c) stated that it was a firmly established legal principle that “no company director may simply leave the management of the company’s affairs to his or her colleagues, or to other delegates, without committing a breach of duty” (para. [219]).
England and Wales: Directors' duties and the Re Duomatic principle
Labels:
director,
directors' duties,
england and wales,
insolvency,
shares,
uk
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