o air Coney Pai e Pt ial rt _ 0 0. 60+ — never grata igri en” startin rhs Perret cane SEN Naik tances gemia pin ea a tel ee dom ca mytecgr mate siete yonemaeeee ste ele ea ca nope ce seri Taatom grace ate wnat perenne pears ‘ebtetegten prensa ipeonctnesersrecrcnrae ames sy ge yn Sy Ses Suse be wwiduandte rane tnd obi be modem wr Rather han being rege at asoare of confi, regional constitions, which objectives fn the one hand, and sea the dal of promoting custom apd tre, [Budget tems of law ail jurtce on the oe, could been as encompass th en Ti nnment to achicrng = tance Dewees the old wEidlend autor oan sstene on ocalnaton incding the ppresiaon of “erence acoumerfoe hres om mi, wc pa fe ‘ge of bain. Coit Ke Del Rar nae Ba Tecan oan so 206 sd CieyCmamth La aa a DIRECTORS" DUTIES TO CREDITORS ON OR NEAR INSOLVENCY AND DUTY OF CARE IN THE. COMMONWEALTH CARIBBEAN: SHOULD THE ‘PEOPLES DECISION BE ADOPTED? SUZANNE FFOLKES GOL ISON ‘A trrnopverion ‘The recent Supreme Courtof Canada decison of Pas Dparnat See rte f) » Wise (Pope bas seed Canadian company law on the question 2 0 whether a duty i owed by decors to credits r any othe ahold fon insolvent corporation, by sang that there no fit ty owed by rectors 'o eredior on intency, far les, nea inslvency or where the company ‘of doubt solvency The Court also established thal there a duty eave, race and ill owed by cecum to creitors and tha the mando care oan jective one ‘This decon may have seriou implication fo directo of comps which se insalven, near insolvent orf dou salveney in Commonweal Cadibean ‘ertore whch have formed ther company ew base on te Cana Baines (Corporations Act(CBCA)* These terstore (reformed trois have th fa ‘ele on the common of England to determine the question fhe dy ove by directors to cers under codons of nslency, neat incleny or donb falinolvency. dee, in Cana, the commen a apeared oun wat tory reforms in Canaan lana deca ty to cedtrs on one, ‘That was the law unt he Paps decison * Sere eatin len acme me one «EERE as eng eeroo - SE ee sree Nae e ee eee ommcmmiesam a a ck Bie Ean ecko of Pp Dp Se a 18) (28 25 Cain ‘circ Rep fh 20 (te Sper Cory Cal os 2 Ges Quan ep 35 Oma Sapir Gr ont 2d 0 ts Et ge 0,2 Di’ Cis Or Nerang ej vOLENO “The Popa decision not ony ale the cmon aw but goes rer to sat at not oppression remedy under te CHCA iste appropriate vee fr ree Feerinne letter, not fora breach of dy, but for eppesive or anit rej ‘Sloot towards hem or oadoct wich ans dara threes. “ie desion ower ay be halen the Commonwealth Caribbean slag te debate sto whether he stator fiduciary day a codieaton of the ce aw daca duty and wheter the andard ofthe ty fear digence Sankt bjecve subjective or purely jective. "That sec explore she uc as () whee the ‘reformed terror? ght flow the Supreme Court of Canada deco o 1 flow the Engh cern aw posion regarding the quent sto wheter decors awe adit to sees cu ear inwlvency and i) wheter th tandard of he dy of are, ‘Ggence snd skil adopted fro Canada by the Commonwealth Caribbean sion parly obec standard as sated by the Supreme Court of Canad, Specal reference wil be made to the Jamaica ‘Ach which aliens Ein ir approach tothe oppresion remedy andthe day of care, dgence Petia and we St Christopher and Nev St Kite) Companies Act whic as 1B Tux Devavonser of 4 Dinecron’s Dury 10 Ons0rroxs o8 Tnaouvzncy ar Connon Law “The common law decions have developed ia favour os day (even finde? to citar on imalveney. ta sent company he porary eats othe shreole eile them a = cttbouy tbe epudedarhe ompany when quesins ote dy freon ae SPINE Yom, they enter or aly» parle acton of he dey thet cafe no chalet the vy what he det ave doe But where = eo then ners of thee Se: Thy become prmperely SSIS eight care of ann to place he owe of share ES dec to dew te compar’ ae Ir proces he ts SELES aes tn ght medi ofthe coma ae dete ERE Grie crc pning iteration, eum oe, riper ‘Shr ofme aerate dmnisraton® ‘Were a company near inwlvent oof doubt insavency the common ls is ancan Howeter, Goo J inthe New Zealand Cour of Appel ase of Ned > Pema stated: tye iy ete end itty cSt A ey, ‘The Dy of Dice Take ‘Reet en cre’ JBL Ta faecal [00 Boers ‘Sica SES Eee hati rg NE EN er ams sn08 Def Une Cmmath Laaoa « Toei f dco are vette cmpany. On fc ofr nes thismay ree tbe decors comer inter sla enters creer Feria cars 2 edo aeration ny pian, be campy seen nea, ‘rf dob soheney, ois casemplaed payment Ser coune of cn wo open ney? = mal Ral ia Py Ld iain Stet ©) ated gather acme ne ih dc etc te arco dove por ernaersyoste ee ‘vom hat bec Rha been rad wees, hat her common aw ponion ht _ciary duty is owed to creditors on insolvency but rather, es the ttf he deco oto peo rors 2 acy dy ow isa) ection er be col ht ey rar dic ocr Short open oe at a at re nd “This ater frmsitin nog tat the Ppl deckon canbe recone wth the common await ony ami of duty nto prea ried he er ‘si cedars td dont elevate te day to cdr one oa cry ‘ature whieh would compete and poly confi wits he yo the company (the shreolion a2 bx) Te abit, howe, tat hs meron ‘ong both the weight of authriy acon aw snl sade pon Gn eae on preity wih ci maya ech), Sn hath ay ay oe ined wer we any “The eared ath Gane nd Di’ ino Maden Gay Ln ate: However, tenho er ib ag owt he copay eas ‘Schone brine fhe monks shad rep byte mrss ce ‘oe The arly ei bn oan st wg ‘line ite ee erat nthe compu’ prem ae en ae Inthe attri eng hinery ey. ene ee ai er Sonny he YH5 [pee ce! rin ron Fon a, ve Regalos 1 ue 72 on 5 22 Warnit's Cen Omer Ny 00, NOE ki, nr eon a ce att ins sha efor Sep tn ea fee ie, ene apc he foal mecbaniss (Te scheney Act have yet ern ered Also, the learned sors of Fira’ Compa Ln sae: Hower there ap fr renting ero in the se manera hae i {e dfnng te yo act to de i eee of the cmpany m8 ecompaning (Sefer intro name reuse” letra been observed in Canad: dependent helene eeprom ih Aus (Rew Zelancours pan oxpod zee” des onl cer eres ‘DAIS So tide weer wer company was imal oon the verge fa eis ofiterest to note, tht the potion of United States Iw on shin pin he samme ss English common lw (soar ax 2 dat sowed, although, i the later Si crits cmt we istry ty wien he een epein doce aru, erent fidclry die for alzetors for the bene of e- ‘tow. The United States courts ave rationalized this day onthe flowing tes pon tn ther’ inet ome an eben rere SORT GR rae ape cd Sone puna wih sos remit etvca oc cope sno wth el or be be oto Sond copra tcn™ “The uinavalablty ofan oppression remedy’ mila to that found in he ‘CBCAY in the United Kingdom (UK) and in the United States may very well be the ding force behind the dering of Bducary dy to creo at common "5 Dien nt De Phin fade Oo Lav nin Ses. Ma aon Fe anaes, lin Te on of De’ Dee La Te er ee imitation 200 Stee ed t erst Jes Earn a By ec ed "Fs Cae i See op Pea ete Cs Open Rem 50 2 ee BREE cst my ms tt ion 1 yao mas al Dn, Ms Pec Sane bas Ie ec ame oh a a 1 Senn tar te a hah Sn BH mated fe iy Ct Lae Fa o uw on insolvency Is submited ha the mggetion (tein he New Zale ‘ase that Commonwealth uraprence realy only acre tat the credo’ Interests ‘be tken ito account and that there ino feacy dy on insolvency, does ot auger wel or jradison without an oppestion ened, whe en ing ht the eretor may very well be le without a remedy a al, due wo his Inabtity to have de deter ued on is hal or ot uc regent interes I ony in elevating this seg force terete dary hy oved to credo that credton, upon incheny, wl ave recourse gaint deers suming there o eter seta recone) st est in tetors hich donot have an oppreson remedy which east cen Zig! states Itsno wrens, nerchange rhe benefit ited aio impo (diet nt to sre eden tres when the gg seth Only ‘cer eve a mening in et © Commowwsatra Gansaatax Coxerany Law Revo ix RESPECT oF Dinzoron’s Doris ano rit Orrnzasion Resco ‘The ‘reformed tenors’ have aepte the approach of the CBCA for the most atin respect fdreor dots andthe oppresion remedy sue or St Risa ‘spect ofthe oppression remedy St Kits does ot have a8 opprenion remy ‘ina that fhe CBCA, btntead bas adopted proviso amar the UR ‘which proves «remedy fr member of the company or wl prejudice by drei. Some terres have goue further by incading provisos which ae simi to the UK's Director's Daqualifeation Act inter companies leglaton hie stipulate the cramstances under which decors maybe doa. ‘The reformed terre’ have alo retained the provisions found in os wich ‘elites to raudlent trading by dizer on winding, an, seme trois, the UK concep of wrong wading’ har been introduced Thee provisions so protect creditor interests on inavency troegh the gud sepate and = = re eb conte foci mre cist sc aests Rego Guan King eet Grea {i Tal 0 enn ate Sosa aA Sat 1 4 Die Ta dT 1 Ade See itn aoc an cake {he vn op con ice toto yes areas Setoatt cee’ lina onteslomtaiae edie sess« iD Cis Or ar Nw agg 0140.64 apa fm any dco a fing of cay do dy fe ece hua “Ie oro ling he die of der in he Compaen At of some peal ate ey incr ad tir of omy pesines benny andar ih with vw tthe bine of be oy ny Sets ese ect pn od Sine eames ther poison pil ses ht in termining wt at ne Be nn eee pany die salma have edo the re he ae eee sed employe an in soe eer ven the come Sa er Ge company opera Jona, the tae es ha = Fe AS Lae cunt te ere ofthe company cele, ‘Soployec sed the omen in wich the eommpany pees "FA however, con the Pil» agp by ting hat ied put one rer company owed hy them wo te company one they pny mbna be rect camgay owe by ‘EcRROTIRE tity beeen same ayy oer By ‘Siyowea cman by i eon In Kit the ection dlr in tht tates that the aie owed att ty anes owed we te eompany soe?” Janae ecto ho ie 13 Sig sa the dts sped by aac (are owed he company ES n,m and Se Rt ert, bot the facia dy a he ee ereond lar owed othe company ane Ine cs he Weformed cxrching hi power ao charging is + mena oe seanzsshers 2+ lst 39 $50 where he wor ti wed ia ‘hal’ Gyan 3 SE) whee ih oo we ttn amaer mores Soe eee EE US ie Saree rrnaseteanereenente "Shree duytothe company. SF Gelso Te Comment CarBvean Terris The Seti eccrine ne amin, ie ere a pon ft a dea dy ey sa et ig bn wes oe op Con a cyan i 59 79, Lan 36978 Ai ‘ual and eH » Soin 1 Denn 9 Ted an Teng 3 cb cn) SeRom SP omaea) sa 2085 xed Ueiy Cm LJ © cei appear th te mbna oly to he cary ty being ‘wed tothe company alone, Presumably the reno ofthe prince cme ‘taco fr breach of dy ae sve ogi on al fe company aed ihe ime om ee remedy Tnrodacen fs sew dere ace aod oppeion remedy in be ‘efomed tartore, bel on te CBCA” has dpa the ne Fe’? “ately along ene acento cours by compacts whe wah to bing cons agin denon a conpany who hae wronged he epany oc bave ten ope oft ruc relly dreaded he esata ScKitn he pao silver, ects sped te UK spponch fan “fai rej’ eed wich ied omer ty “Complainant defined a shrcolir, fone saree, debenture ar, omer Sener os many or ay of late econo ‘Saofie oreo dear oa ame lero «oman ora oa ine he Rega of Camps o ny hr on no ern ‘op procs ake a appaton" hse held nF nn Pa Las STS Au a ae plan ol bea reir, ee tena enon toward whom the corporation had ely a contngent at’ fy the ‘Comormeaih Can thc Coe ui! dle Tain {LAP ad Fo St Mak end Sms Ss as Tees So of ida ea Toes ahve seeped vey wie dren deine one reumsances ofthe pare cana proper psn ae cle {othe saa of complainant forthe pape ection 248 ote eats coment he cours a Casa ad the romed ero have sce red tera pees who pope pro rng an ation nde Ge ppreon ‘med provson I ts prov wch opened edt rte Spree (Cour of Canaan 200 hand cme dy of ects re fs where a company aes or pmb eatin The rey of the open remely to credo btsed on the we fin of plan? a) et tha te povin also open i eu: ‘run dread he ress. oh sean IBaNE Looe TES Sones mapa yaaa hatte Shegitacia mcrmsbiaah arnt. ta Sake SEER ee I Pom au htt Pre toed “(1904 48 WIR 40 (Cour of Appeal arta 7 -_ HESTAondeee teats 33); Dan 28 Tedd Tg 928Dts Das Cn One Nar any ots L801 “Juana inthe Commonwealth Caan nat he provson ne os ty cnn a dension oops ay oh sees, te courte cretion i proper pe! and mie to a hare Tape ieblir, debenture eer, emer eben let, dec cea me econo ti of comp ined mga, Sowter he poison proves a scree (ray TEE pcr or wr peu" nadon, nie the CDG snd te TE ete veloc tera the Jamaican provon die not a degen fhe terre fe aed pons w= ound ran ion the opreion remedy sesso afer a Yo wheter the ‘efomed etait wil be pe nate y he deco ef the Supreme Cour of Canada inthe Ppl case 1 Je onthe common law dug of detor to restora inohency or ear Se renin wher Jaca wi sl bound byte seeped con ‘mon law duty in the light of the more restrisive definition of ‘complainant ee ater? aw cael nef the who coal Be cane ilar preude o oud an actin fr opr. [D Tue Suramee Court oF Caxaps Decision Paonuns Dreanraterr Sronas Inc (Fevers 01) ¥ Wisk eterna greta epee meres iy pier ene eecwedeeee tele se ce Roca oder rantings veer b cadena terse ale Soren etter onerars Soasln Sirois amuraycnd rh tase ree vga cree arte eeatnae cries gs ten coe Seer ea Seether Seas Sere Nara pete Reece paaneemesocnaad resp ngs tone Ertan ey eerste ween tay on nies teeta take nein eae Sy Res casita sneer somos Od Up Cnn ool a People redior.Aemtively, the sees argue thatthe Wee brothers were inbreach scion 10 ofthe Bankrupty& Inwlvency Act(BIA)n tht the Wi ‘robes new of transactions in which the aes of Peps had been tater 10 Wise for conpicuoty le than fir market vale A nt nsance, the wil je, eying on UK, Ausralan and New Zealand ‘authori, found the Wie brothers lable on both ground but the Court at ‘Appel set aside the wal jg’ decon. On apal by the tee othe Supreme Court of Canad, the decision ofthe Court of Appel wes confirmed on {the ftloving grounds 1, The directors of Peoples il not beach ther dy othe company unde seo tion 1221) ofthe CBCA in that they acto’ honey and nod faith ees he company's ancl problem. 2. The idacary ty of rectors nde scion 122) does nt extent rede itr even inthe "init of nslvency “At al tines, directors and ofcer owe their diy eligations wo de ‘coporaion. The tere of the corpora are oto be confused with he Interess of creiors or those of anyother takholders™* 3. The oppenion remedy under scion 2412) the CBCA is availabe _edto who have been wronged by decor ofa com. ‘The dy ofcare,dlgene and sil under secon 12) extend to creditors ‘The rectors dil not breach thir dy of caret the ceo under section 12(1() which ivaves an objective tet. Te inpementaton f the joint rocurement policy was araponable bans decison. 6. “Incomparable circamsancer doesnot intecac a aectve element relating to the competence of the decor bat rather intodoet x contextual ement hich emphasies the primary faca and allow for roc sconomic conditions tobe taken into consideration ™ 17. The directors could not have iveked a god faith defnce under section 294) bated en ther reliance onthe epinin of the vie president a the vieepresen does noc quails profesonal unde hat ection {8 Seon 100 af he BIA was nor breached there was no comics die fence beoween the fai market valu ofthe set ood wo Wie ad the coer ‘on rected by Peoples. The diference ws only si pecent. E Worren raz Reronusn Teansrontts Suoutp Foutow THE ‘Peoruss Decision “The rome trois are now Bcd withthe option of adoping the Pap cis contin to alow the common Into we deans oe + > Pt 57” iw Dn Ce On er sng 4B NO seacary uy exer on ncveney, er insleny or ounce a to ice he common iw shoud depend o wd be sified + > sgacment he paca inte feng cry ay , fe creditors on insolvency oF in the vicinity’ of insolvency, and ae penny eerie me eae Oe cs fe company whee & COMPS # SS iene Jot ec eee enaer es eae area 2 Tm i nn Sh eran Spot hae ona staan of ‘Rumer eoneeen that of pating the dito i te emo ‘RET wo decide peel when 2 company it near inventor of doubt ‘Rnuncy. Ths cheulou vicinity may well occa in tne economic down aaa rater wor when doe ough patch became quicksand? Some ofthe reformed teritries have aleay payed wide interpretation of «as pcaion remedy when deciding who tay be ‘complainant? under the a yar ovo wo, th c's dein i rp pr. Tn the aaa ne of Con, partie toa princrporaton contac wit 8 omy Barbie es complainant? bse on broad powerto do juice and ety See rie yaricla ax * Tn he Traian case of Fe Slr alone Sone Lhe cour adopted te .. very wide ieeion se ew, the ccurstances ofthe partir case, ropes Pe cee Nothe nana ofthe ‘complainant fer the purpose of section 242 Tin (Teidad Compiz] Ac. Tesla, therefore, that test ome ofthe eae er rrtons have bought into the Canadian terpreation ofthe ope ca ute category of complainants iswite and may incude creditors wos hy other penn who, in the cours cretion a proper pen + age Ga aman Rn se Dente: ete Eo RA alah einen 5 1 ie ete CU a a en a Mea gis 12 DL 7 nd sm sou 006 fk Uri Come ae Jarl aD 1 ‘Complainant Under the Jamaica Act The problem for Jamaica i that ‘complainan? forthe papas ofthe derivative ton and opprestionretbedy, doesnot inde doe the ober "efonmed tertore ny eer person who inthe cours dicen is a proper person “Tis sar fact ages that the resonng in Ppl sould no apply to Jamaica forthe simple ean that the opprenson remedy in Jamaica prehdes creditor: fFom bg an ation under he opprenon remedy, Iemaybeapued, hat since tiabjectf pression under te Jamaican oppresion remedy incdes creditor, there maybe scope for eer to inet benefit fom the Jamaican oppres Sion remedy Tr would tes, therefor, ha there maybe sore incentive l- lew the Pople denon in Jain. The problem wih this argent, however, tin ven credo wer toe considered indirect at compass inthis way, the jamaican provision iretllmich mor inted tha he provions inthe CBCA. ted the other elrmed testo, by the excion of “fir aegar? of the interes of the complainant tx bas fr an appication fr oppresion. I seems, therefore, tht Jamaie ought oto consider the adoption of the Ppl deco, ts tis would leave credors of inbent companies without a remedy against Trecor who have scrced the ced sere fr arhing lew than Bad. 2 The Stites Act “The legato in St Kits ae no nr provin on oppression. The St Kis lege ‘stare adopeed a provon wich tsar t that ofthe UK which allows men ber to bring an action agin diectr fr ‘afr preudice’* This provision prelude any discon ofvaingereitors ofthe ‘oppresion remedy where the Eonductof the directors as been oppresive or unity prejudiced or davegarded (hed inert, There's therefore 2 arong argument hatte common nw should bepreierved inthe eae of Stic, 43 The Director's Duty of Care, Diligence and Sill to Creditors “The finding ofthe Supreme Courtof Can thatthe decor’ duty af eae, il gence and al exten to creditor under Section 1221) (ofthe CBCA, may be problematic for Jamaica. The esoning ofthe court im the Ppl decison ‘ra puta flows he statement ofthe iy fare ins 12) he CBCA des nt pecialy efe ‘oli ental arty he Deer a day. Insend, tpi ht "every ‘Secor and oie af carton xing bi power and daa i den (hat. exec the ae gence ad hat early roe pon woul scrape 0)2 ince Dai Onis Ox er Bey 0350. 610 cere incompartl cncumstanes Ti he dentate benicar ot dy of (re much more opened an appear obvious ha mance ceo. Iewould appear, however, tht slthough this rang cond apply to mos ofthe ‘yelormed terior, could not apply to the Jamaica or St Kits situation. Ix Jamaien, there further provision which ates hat the duty owed by dietor ‘der bath subeesion a) the Bducary dy) and aubsecton (he day fcare, {lignce an shi, wowed tothe company lone." the des imposed by sb ‘ecto (I) om the director or ofcers of company ae owed tothe company ‘Sone’ In St Kits thee fa sir provasion which alo refers to the ere ee- tion," the dates ofa dzector imposed by this Section are owed tothe company sone# 4 The Standard of the Duty of Care, Diligence and Skill: Subjective, SubjectivelObjectve or Objective? “The dtyof care diligence and sili Furher character in the Ppl case a8 An ‘bjeetve’ test and the characterization of the day as'bjctive/ subjective in the elder Canadian case of Sy Th Qe was rejected on the basis that it on ‘erned the interpretation ofa proviso ofthe Ime Ta albeit with the ien- ‘eal wording) and more inporandy chat leads to confi." ‘Wik respect, wef at Roberton JN caraceraton of he andar tan “ese scene” oe cul ed to cfason We rt to debe itaran ee: ‘Senanrd Fo sry that andre bevel clea the ictal apes ‘Tine coematunessureading he aris of he deo or ler ae importa in ‘Beane ofthe + 1220) dy ear, os oppo the meine motaon of be (Seca ocr whe cota he aor ary uy of 122(1() ‘fecBCA> ‘An atonal concem forthe ‘formed terrtria’& the interpretation in Pople f'n comparable ceeurstances. The Ppl cas sate “The maneory day of are in 129() (ofthe CBCA erates bu doesnt relate ‘be lengange prope bythe Dikeen Repo. The mi ence he enacted ‘on ineaes the words "nemparbeeeunstanc whch ni te atsey aur by rein the estes ich gen eso ws made be taken it ‘Se Ths not he tection of jecve deme reaing othe compere ‘Fave deccs ot ther te inten of eostecial emen i he tory ard chee Its dear at 2) sores or of reco fice tha © pon in 506 07, 2 femcae Eiki CSM OORT a rat sa 506 sd Ciesla Fama a ‘he tonal common lw ayo care tine in, fr example, A ip En Foe ‘are ay. The cet aproch ated ys 120) ote CBCA met ‘ony epi the pinay cbs pers revi cmc ots (ote taken cdeon Wika due respect othe arsed icin the Ppl case, a ei oo, ere of pe cmt i ‘tenon athe etre is Canadas eden ond jal eps Robertson JA stated: i eae 3 abndring prt ar fr dc eat prety ws sing wth ie peptone eee? toy conde ‘isthe ety sd On et ned aly eb a Profesor BL Weling states in Grp La it Cate Going Pipes ‘Thee sandr ees hb eugene i of cert so qu eh by eating te eto “camparabl rena The of ll posed bythe pata manger a qs of be heaters MOPrien sates esto erect et ete Fauoangiasasmnuseeeme many Seooen eee atcnmomamyeenerne See e Seigpectieea nee erect saan ove emutegnane Eeceneatroatiendiceieneaemeente Soe Sa ee Eaton orig oateme open ewer oe Teva ao stated by. JA VanDazer: ‘The een in thst frton Fe “in camparble crams” os wees ge tat he aye Reese net Ben seg Poet 095-5 So) Sem a, cing Gap a Ty Geni Pipe wa, Tot 8,” intr es Ce On Nar eng og vO ENO this jee denon othe dy fae, however, etn and fice mat ey ap whee la npc ey poses” ‘Even ithe Pople rig on thi pitt flowed inthe ‘reformed trite’ tne question wll arse sto whether, adhe Jamaican conte, the sna ro- GS eoall be consered a tly objective tent. The Jamaican secon 174) ‘very recor nd er oro exercing hs powers and charging is SE Ghats cere te ie ligne nd sl at enor pradent penn (cid cere in oper cic gb tte Ks cx pore ond pein tis arguable therfore, teat the ave of Jamaica, that the est wil be con- sidered ighly subjective Th sented tha Si comparable ccmatancs shoud conn wo be ite preted sadn subjective clement to the standard of ere, ligence and sl ‘Tne argument in favour of « pore cjecve tet akhough persve, with Tespot, may ed oa standard imposible to achieve. F Goxcwusion “The reformed etre’ ofthe Commonwealth Caribbean may very welbe per anced to fll the Ppl econ in epec ofthe ‘oppression remedy” a the Sppropsute veil wo stay creditor or gains directors where they have been ‘rete eres prejuced or aegarded, In wo doing, they woul ERE he neat fr having to engage in the debate at whether thee com- TerSlan dary owed w credo on inalvency or sear insolvency, and they would ve abe ade bene ofthe sbity to se the directors ety for oppresion, fie prea or ute ied Th te cae of amen nd St Kit, tial hat the common aw o his point be precned, oer eeitre would have limited or maybe even redress \Gedey tthe coure where they have Been oppresed or their interes unity (rcjudcl or nf daregarded, by directors on insolvency oF where te om- ‘any inthe vicinity’ of insolvency. “Wile ies acepted hat the concep ofthe vicinity’ of nalvency is nebulows, and hac ereton have odrest acces tthe cours for reiresy and that there are ‘cai for ctor to balance the rare post ofthe compedng ines of he company and is redo submited tat retention o the common aw postion For Jamaica theese ofthe two eis Javea, Thm Ree nd Cpr en vin La Ca 208 98 "Seer aS rar en 208 Uy Cant Le Jor 5 1m 50 far a the dy of eae, eliigence and sili extended to crete in (Canada appear that hs wll ao be the cave ia et Jama and St Kit, whee the wording of hl respective company’ Igaonpreldes Final itis hoped thatthe andar fear, gene andl inthe formed ‘errs, while generally objective, wil be inepete shaving abjesve le- men thereby interpreting ‘in comparable dreamsance a eluding the ad ‘lal decors croumsances. Thie objctve/bjene andar although onfsing a Fst lsh would beuer zeflect the intention of Parliament to have [alee approach. Unoranately, the wording inte Jamaica state could be contued ab reverting tthe highly subjective common iw approach, which ite ouster tothe corporate governance tend the Cmmaweaih which enecut tg the ang ofthe standard are for dizer However tibet cre by [egtive refinement and ot by srsinedjuial ontacton