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What is meant by “Misfeasance”?

If, in the course of a winding up, it appears that a director has misapplied or retained, or become accountable for, any money or other property of the company, or been guilty of any misfeasance or breach of any fiduciary or other duty, the court may order the director to repay, restore or account for the money or property with interest or contribute such sum to the company’s assets by way of compensation as the court thinks just.

Section 212 of the Insolvency Act also applies to any officer of the company and any person who has been concerned, or has taken part, in the promotion, formation or management of the company.

The definition of “director” includes any person occupying the position of director, by whatever name called.

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