Section 1157: Power of court to grant relief in certain cases
1481.Under this section, which restates section 727 of the 1985 Act without substantive amendment, an officer of a company (such as a director) or a person employed by a company as auditor may apply to the court for relief from liability for negligence, default, breach of duty or breach of trust. A court may grant relief if it appears to the court that:
the director (or other officer or auditor) has acted honestly and reasonably; and
having regard to all the circumstances, he ought fairly to be excused.