ABSTRACT
We have considered thus far that directors have some obligation to creditors where their company is in some form of financial difficulty. What we have not examined is whether this obligation is owed to all creditors. This chapter asks whether we should seek to distinguish between creditors who are owed the obligation. In other words, if the obligation to creditors arises at a particular point, do directors have to consider the interests of all creditors who existed at the time of the obligation being triggered? Also, this issue requires us to consider the position of future creditors. Is there an obligation to these creditors? If not, should there be an obligation? This chapter focuses particularly on the position of these creditors, and examines the case law and the arguments that might be put for and against the inclusion of such creditors.
