|
Hindsight
Experienced judges have expressed
an appreciation of the difficulties of making decisions in
the "heat of battle" in various ways. Thus, Hoffmann J in
Re: C U Fittings 1989 (BCLC) 556 (at 559d):
"It may be that in January, or
even earlier, a dispassionate mind would have reached the
conclusion that the company was doomed. But directors immersed
in the day to day task of trying to keep their businesses
afloat cannot be expected to have wholly dispassionate minds.
They tend to cling to hope.
Obviously there comes a point at
which an honest businessman recognises that he is only gambling
at the expense of his creditors on the possibility that something
may turn up. But this is not such a case."
There are numerous other examples
(Re: Bath Glass Ltd (1988), Re: Dawson Print Ltd (1987), Re:
McNultys Interchange Ltd (1989) and Re: Cladrose (1990)).
Directors are not disqualified for failing to have a crystal
ball or for failing to take a week off to consider their position.
|
