Application to restrict former directors of building contractor refused as they had acted responsibly

Company law - application to restrict directors of company - liquidator's application - company as part of a wider group of companies based in UK - five reasons set out as to why directors should be restricted - application opposed by second, third, fourth and sixth-named respondents - remaining respondents did not contest application - examinership entered into in November 2010 following significant loss made in 2007 - whether respondents acted 'responsibly' in their conduct regarding company affairs - actions of respondents in period leading up to liquidation - legal principles - test to be applied - failure to write off inter-company loan not determinative - failure to recover UK inter-company loans met with auditors' approval - revaluation of asset met with auditors' approval and consent - failure to revalue company investments downwards approved - respondents entitled to rely on auditors opinion - whether respondents overstated commercial prospects of business - responsibility established - board of directors put significant amount of their own money into company at time of peril - sense of responsibility - no other reason why it would be just and equitable to make a restriction order - application dismissed.