Makasa Trading Co. Ltd.: Restoration Application
Petition in the matter of Makasa Trading Co. Ltd. at Bermuda Supreme Court.
Focus directors fail to have lawsuit struck out
Bermuda Supreme Court Chief Justice Sir James Astwood has refused to strike out a civil action started last summer by the liquidators of Focus Insurance against its former directors and officers.He has ruled that the action contains allegations which, if proved at trial, could show that the directors deliberately disregarded their legal duty to Focus and failed to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Privy Council asked to rule on level of competence expected of Bermuda directors
The Privy Council, the highest court of appeal for litigants in British colonies, is to be asked to rule on the nature and standard of skill, care and expertise which the law requires of directors and officers of Bermuda-based companies.The appeal by Focus Insurance Company liquidators could affect every corporation registered here and may ultimately produce a landmark decision in the development of Bermuda's company law.However, the Privy Council application relies on liquidators David Lines and Peter Mitchell first obtaining leave to appeal a Court of Appeal judgment handed down November 25.
David Thirkill speaks of relief after Bermuda court strikes out negligence action
Former Focus Insurance director David Thirkill is feeling "relieved and vindicated" in the wake of an Appeal Court decision striking out a $20 million civil action started against him by Focus liquidators.The liquidators began the action in the summer of 1990 when they sued Focus' directors and officers for willful negligence and breach of fiduciary duty.The Appeal Court decision, handed down on Monday, overturns a ruling by Chief Justice Sir James Astwood who this year refused to dismiss the suit, ruling that it contained assertions which, if proved at trial, would show the directors deliberately disregarded their duties.
Six defendants added to Focus Insurance lawsuit in Bermuda
Six new defendants who have been added to a suit against the former directors and officers of Bermuda-based Focus Insurance Ltd are not being accused of willful negligence or breach of fiduciary duty - the central allegations in the civil complaint now being brought by Focus' liquidators David Lines and Peter Mitchell.