Re Looe Fish Ltd
When a director used company moneys to subscribe for shares and manipulate voting control he breached s. 143 of the Companies Act 1985 which prohibits companies from purchasing their own shares. The director breached his duties as a director despite his honest belief that his conduct was legal. His conduct was not driven by a desire for personal gain or against the best interests of the company but to maintain control of the company and was improper in these circumstances.
This case is important for the exploration of the crucial issue in disqualification proceedings of fitness and motivation by Jonathan Parker J.