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of each case. In Aberdeen Ry v. Blaikie[19] Lord Cranworth stated in his judgment that: "A corporate body can only act by agents, and it is, of course, the duty of those agents so to act as best to promote the interests of the corporation whose affairs they are conducting. It is old law, but is still often mentioned as an extreme example of to what extent a "subjective" duty of care (as opposed to an objective duty of care under the modern law, see Re D'Jan of London Ltd and s.174 Companies Act 2006) allowed directors to escape consequences of their negligence. It was often said that a director was liable only for gross negligence. These duties will replace common law and are expected to be drafted in a way which reflects modern business needs and wider expectations of responsible business behaviour.[39] However, it remains to be seen whether this will in fact enable the law to respond to changing business circumstances and needs and whether it will leave scope for the courts to interpret and develop provisions in a way that reflects the nature and effect of the principles the code is to reflect. ]JWpZ,Q;-AgBO+ o)1y+UNAQ,LLP,L2 W}b-'.R Z cit., at para 52. Lord Woolf MR explained in Re Blackspur Group Plc[29] that the purpose of the CDDA was the protection of the public, by means of prohibitory remedial action, by anticipated deterrent effect on further misconduct and by encouragement of higher standards of honesty and diligence in corporate management from those who are unfit to be concerned in the management of a company.. UK Decision Puts Life Company Non Executive Directors On - Mondaq The changes have therefore been the subject of some criticism. directors were proscribed by the banks articles of association. Legislation in unable to change common law duties and is unlikely to have a direct impact on them. It is suggested that there is a development in the approach of the courts, not just in cases of wrongful trading, but throughout the companys existence. prosecuted. [5] This effectively meant that there was no objective standard of the reasonable director and is illustrated in Re Denham & Co[6] where a country gentleman director failed to study a set of accounts subsequently proposing a dividend that was paid out of capital.

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