How do I Avoid "Misfeasance"?
Misfeasance is a breach of fiduciary duty by any officer or ex-officer of the company (this can include directors, company secretary or managers) in relation to the company’s funds or property.
It involves the misapplying or retaining of any money or other property of the company
In such a case, the Court may order the officer: ·
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To repay, restore or account for the money or property or any part of it, with interest at such rate as the court thinks fit or
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to contribute such sum to the company's assets by way of compensation in respect of the misfeasance.
It is, obviously, important to ensure all actions taken with regard to the company's funds or property can be shown to be in the best interest of the company, not just that of the directors or members of the company.
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