The discharge applies exclusively to acts of management:

  • that are apparent from the financial statements; or
  • of which the shareholders were notified in another way before adopting the financial statements.

Something to bear in mind is that, if you are a company director and you decide to retire or resign your post, you must ensure that you have been discharged from your liability. It is important to remember that a company director may be held liable even though he or she has previously been discharged from his or her liability, for example by the company’s creditors or receivers.

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