Abstract
This was a speech made by Lord Cooke to an audience of experts in banking law. Lord Cooke says that he is cautious about applying rigid rules of liability (applying to, for example, directors, auditors and bankers) in commercial law. He recognises that it is often difficult to decide what is fair and just in commercial cases. He then makes several observations about the then Companies Bill (enacted as the Companies Act 1993), in particular the provisions dealing with directors’ duties. He next discusses several commercial cases that he has sat on in the Court of Appeal, including the JBL litigation Scott v McFarlane [1978] 1 NZLR 553 (CA), and Nicholson v Permakraft (NZ) Ltd [1985] 1 NZLR 242 (CA). Lord Cooke concludes by asking the audience for comments on a case, which was at the time reserved for judgment in the Court of Appeal, concerning whether the director of a one-person company owed a personal duty of care in respect of negligent advice given. The decision in this case was Trevor Ivory Ltd v Anderson [1992] 2 NZLR 517 (CA). Abstract by Elizabeth Chan
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