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Re Continental Assurance Co of London [2007] 2 BCLC 287

By Oxbridge Law TeamUpdated 04/01/2024 07:05

Judgement for the case Re Continental Assurance Co of London

Table Of Contents

  • Insurance company suffered unexpected losses.

  • Directors commissioned a report as to company’s solvency, and decided to continue trading on basis of report until after six months it became clear company was insolvent.

Park J

  • Directors were not liable for wrongful trading during six month period.

  • Ceasing to trade and liquidating too soon can be “stigmatised as the coward’s way out”

    • Thus would be wrong to judge directors based on hindsight

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