Chapter 6: Reflections and reform
The essential nature of the stewardship role performed by directors and insolvency practitioners with regard to distressed companies has a number of similarities. Both are fiduciaries and agents; neither are trustees (save in exceptional circumstances). There is an expectation that standards of reasonable care will be maintained. One of the most common facets of their respective stewardship obligations is the growing recognition of the importance of keeping themselves well informed of essential facts.
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