Simon Brown wrote:
... the members' liability is limited, that of the directors is only limited if they are not guilty of negligence or fraud. It isn't difficult to concoct scenarios around all this which lead to the failure of this particular company, so let's hope, hypothetically of course, there has been no negligence or fraud in the actions of each and all of the directors.
Indeed.
Everything that is being discussed here, looking at the time-line and the questions which have risen from it all lead to an awareness that once it has been identified exactly what went wrong, then hopefully the ECF can take the necessary steps to introduce the necessary controls which not only protect itself as an organisation but also its directors.
Whilst some of the directors have felt a bit nervous and uncomfortable about the questions; in the end hopefully when the dust settles, everyone will be able to see that 'heads on plates' are not what is being sought here, just to admit that there was a problem/breakdown in protocol/lack of protocol somewhere and then to take a look at the best way forward and then develop a plan to achieve this.
Whilst some people like Sean may perceive the good people of this forum to be 'muppets', I believe that our hearts are in the right place. If you actually take a look at what is being said, ultimately, things will improve. If you do bury your head in the sand then things like this will happen again.