CBN Governor, Godwin Emefiele
English decisions suggest that the duties are owed for the benefit of creditors: HLC Environmental Projects Ltd v Carvalho (2014) BCC 337, 362; Colin Gwyer & Associates Ltd v London Wharf Ltd (2003) BCC 885, 906 [74]; West Mercia Safetywear Ltd v Dodd (1988) BCLC 250 at 253;Brady & Anor v Brady & Anor (1987) 3 BCC 535, 552. In contrast, Australian authorities such as Walker v Wimborne (1976) 137 CLR 1 and Bell Group Ltd v Westpac Banking Corp (2012) WASCA 157 and leading judicial authorities in New Zealand such as Nicholson v Permakraft Ltd (1985) 1 NZLR 242 at 250 and Sojourner v Robb (2006) 3 NZLR 808, [103] suggest that directors must consider both the interests of creditors and shareholders.
Generally, dir…
Read the full article at: http://guardian.ng/features/law/duties-of-a-director-in-the-insolvency-vicinity/