What happens in a case where the company has taken insurance for its directors to cover itself against liability?

Indemnification and Insurance

A company may not indemnify a director for willful misconduct or breach of trust, or for a director acting without proper authority from the company, or undertaking a prohibited act (reckless or insolvent trading), or for perpetuating a fraudulent act.

A company may take indemnity insurance on behalf of its directors in order to aid in any lawsuit against the director as related to the company. A company is entitled to claim restitution from a director of a company or of a related company for any money paid directly or indirectly by the company to, or on behalf of that director.

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