“…rst appearance of a duty to have regard to the interests of creditors in the English authorities was in obiter dicta of Templeman LJ in Re Horsley & Weight Ltd [1982] Ch 442. In that case, a solvent company made a lump sum payment for a pension policy for a retiring director. The company subsequently became insolvent and went into …”
“…For those reasons, among the many authorities cited to us I would respectfully adopt the approach of Cumming-Bruce and Templeman LJJ in Re Horsley & Weight Ltd [1982] Ch 442, 454-456. Both Lord Justices favoured an objective test: whether at the time of the payment in question the directors “should have appreciated” or “ought to ha…”
“…[1982] Ch 442, 455 per Cumming-Bruce LJ, and Templeman LJ. Whether that is so does not in my view fall to be decided now for in the instant case I am satisfied the company w…”