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In re Equitable Fire Insurance Co., Ltd.
England and Wales High Court of Justice, Chancery Division
[1925] Ch. 407 (1925)
- Written by Steven Pacht, JD
Facts
The Equitable Fire Insurance Company, Ltd. (Equitable) was a reinsurer of fire and marine risks. Although Equitable’s reinsurance business was successful, Equitable went bankrupt in 1922 due largely to the fraud and misappropriation of its director, Gerrard Bevans (defendant). Equitable’s receiver (plaintiff) sued Bevans, Equitable’s other directors, and Equitable’s auditors (defendants). The receiver conceded that the other directors acted honestly but contended that they were negligent in overseeing Bevans and thus were liable to Equitable for failing to discharge their duties. The other directors denied that they were liable for negligence.
Rule of Law
Issue
Holding and Reasoning (Romer, J.)
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