Fiduciary duty
A duty to act loyally and properly in another party’s interests, such as duties owed by company directors to the company.
Related terms
-
Breach of fiduciary duty
A failure by someone in a position of trust, such as a director, to comply with duties owed to the company or others under the law.
-
Duty to creditors
The principle that directors must give increasing weight to creditors’ interests when insolvency is probable or the company is insolvent.
-
Director
A person legally responsible for managing a company. Directors have statutory and fiduciary duties that can become especially important when a company is in financial distress.
What’s your next step?
Get in touch with us at Bell & Company today to see how we can help