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Controls on directors, Where director in a personal capacity or someone…

- - - - not loan
      - e.g. property, equipment, vehicles, intellectual property, shares, or any other asset that is not money
  - - - Companies value by looking at the balance sheet, the figure for net assets
  - - - in addition, the following individuals may be ordered to account to the company for any, gain they have made and to idemnify the company for any loss/damage resulting from transaction
        
        director of company (or of its holding company) with whom the company entered into the arrangement
        
        connected persons *AND connected *director
        
        other directors of the company who authorised the transaction
- - - - exceptions:
        
        expenditure on company busines- laons up to max of 50k
        
        expenditure on defending civil/criminal proceedings in relation to company/associated company
        
        expenditure on defending regulatory proceedings/defending themselves in investigation ny reg aithority
        
        minor and businss transactions- cannot exceed 10 k
    - - BUT if company enetrs loan without nec ordinary res, the transaction can be affirmed within reasonable time by company/holding company by passing an ordinary res- this means the transaction is no longer voidable and D no longer liable
- - - - most common ground for disqual is D being unfit D of insolvent company
        factors used to decide if unfit- reckless trading when insolvent, paying Ds excess remuneration