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Amendment of section 610 of Act of 2014
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27. Section 610 of the Act of 2014 is amended—
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(a) in subsection (1)(a) by the deletion of “knowingly”,
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(b) in subsection (3)—
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(i) by the substitution of “may be found to have been a party” for “shall be deemed to have been knowingly a party”, and
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(ii) in paragraph (a) by the substitution of “would be likely to cause loss” for “would cause loss”,
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and
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(c) by the substitution of the following subsection for subsection (8):
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“(8) (a) Where it appears to the court that any person in respect of whom a declaration has been sought on the grounds set out in subsection (1)(a) took, from the relevant time, such steps as were reasonably practicable with a view to minimising such loss as he or she ought to have taken, the court may, having regard to all the circumstances of the case, relieve him or her either wholly or in part, from personal liability on such terms as it may think fit.
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(b) In this subsection, ‘relevant time’ means, in relation to a person referred to in paragraph (a), the time from which he or she knew or ought to have known that his or her actions or those of the company would be likely to cause loss to the creditors of the company.”.
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