16.04.2020

Nominee Directors: Professionals acting as nominees must understand that in common law, there is no such term

In a recent decision issued by Judge Mathikolonis, sitting at the District Court of Limassol, in the matter of P.T Platinum Public Limited (“Platinum”)-(in liquidation)1 where the Joint Liquidators applied, inter alia for the public examination of its directors and auditors, one of the directors sought to defend his actions on the basis that he was acting as a “nominee” director stating that, “well I don’t really know, I can’t really help, it is not my fault, I was just carrying out instructions”, the judge commented “with regard to such assertions, I note that his appointment was duly registered at Registrar of Companies and, in any event, it has not been pointed out to me at what passage of Cap. 113, one can find the type of appointment he claims to be holding”.