Section 340 - Power of Tribunal to assess damages against delinquent directors, etc.

Tribunal assessment of damages for director and officer misapplication of company assets enables restitution and compensation within limitation rules.

The Tribunal may, on application by the Official Liquidator, Company Liquidator, any creditor or contributory within the applicable limitation period, inquire into conduct of promoters, directors, managers, Company Liquidators or officers who have misapplied, retained, or become liable for company money or property, or have committed misfeasance or breach of trust, and order repayment, restoration, interest, or contribution to company assets by way of compensation; this remedy operates notwithstanding potential criminal liability.