INSOLVENCY - application by liquidator against first defendant director for compensation for breach of director's duties and insolvent trading - where liquidators and director settled claim ahead of hearing - where liquidators contend second defendant insurer is liable in consequence of the settlement
CORPORATIONS - breach of director's duties - ss 180 and 181 of the Corporations Act 2001 (Cth) - where sole Australian director of subsidiary of a global travel group permitted participation in a global treasury arrangement whereby substantial sums transferred to other group companies on undocumented and unsecured basis - funds exceeding $5.8 million transferred - where contended that director failed to monitor company affairs and failed to prevent payments being made - claim not proven
INSURANCE CONTRACTS - where company was insured pursuant to a Management Liability Insurance Policy - where insurer denies liability - where claim was made within policy period - where liquidators have failed to establish a claim for loss withing the meaning of the Policy - where company breached duty of disclosure
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