GREGORY ABRAMS DAVIDSON SOLICITORS
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The UK Companies Act 2006 (section 175), imposes on directors a duty to promote the success of the company, which encompasses the duty to act in good faith and in the best interests of the company.
In particular, directors are under a statutory obligation to foster the company’s business relationships with suppliers, customers and others; duty to avoid conflicts of interest, which means that directors must avoid situations of conflict, or potential conflict, between the duties that they owe to the company and their personal interests or duties owed to a third party (e.g. by having a financial interest in a competing company).
In particular, they must not exploit any property, information or opportunity of which they become aware at a time when they were acting as directors, unless authorised by the other directors of the company, in accordance with the Companies Act 2006.
Section 175 applies in the same way to a conflict of duties and a conflict of interest and duty.
For Company Law Advice and Assistance contact Gregory Abrams Davidson Solicitors today on 0151 236 5000 in Liverpool or 020 209 0166 in London.
Liverpool City Centre: 20/24 Mathew Street, Liverpool L2 6RE
Liverpool – Penny Lane: 123 Penny Lane, Liverpool, L18 1DF
London – North West: 746 Finchley Road, Temple Fortune, Golders Green, London, NW11 7TH
Whilst our solicitors are based in one location, we are always happy to try to make an appointment to meet you in any of our office locations, if this is more convenient for you.
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Gregory Abrams Davidson Solicitors and GAD Commercial are trading names of National Law Partners Limited, registered in England and Wales under number 08312439 and are Authorised and Regulated by the Solicitors Regulation Authority, under number 646548. Gregory Abrams Davidson Solicitors registered office: 20-24 Mathew Street, Liverpool, L2 6RE. VAT Registration Number: 290 6677 68.