ABSTRACT
In this chapter, the authors provide the common law remedies, equitable remedies and statutory remedies before turning to reliefs from liability. Director disqualification is a key part of company law. A director may be ordered to pay equitable compensation to the company for loss the company has suffered as a result of the breach of duty. The principal object of an account of profits is to deter directors from breaching their duties and not to compensate the company for loss. Company law simply provides for service contracts of longer than two years' duration entered into without securing shareholder approval, as required by s 188, to be terminable by reasonable notice. Section 239 is a new provision which applies to ratification of a director's conduct amounting to negligence, default, breach of duty or breach of trust in relation to the company.
