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Lady Justice Arden has handed down the Court of Appeal's judgment in Re Mumtaz Properties Ltd  EWCA Civ 610 (24 May 2011). The case concerns, inter alia, section 212 of the Insolvency Act 1986 (IA86). At first instance various directors of the company were found liable to repay the amount of the directors' loan accounts and compensation for misfeasance and breach of fiduciary duty. In the appeal judgment Aden, LJ considers; what constitutes a de facto director; set off; and two questions relating to the amount of contributions by certain directors. The learned judge also refers to the recent judgment of the Supreme Court in Holland.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...