371 Power of Court to grant relief

(1) This section shall apply to —


(a) a director or former director of a company;

(b) a liquidator or former liquidator of a company;

(c) an auditor or former auditor of a company.

(2) If, in a proceeding for negligence, failure, default or breach of duty
against a person to whom this section applies, it appears to the Court —

(a) that the person is or may be liable in respect of negligence,
failure, default or breach of duty, but that the person acted in
good faith; and

(b) that having regard to all the circumstances of the case, including
those connected with the person‘s appointment, the person
ought fairly to be excused for the negligence, failure or breach
of duty,

the Court may relieve that person, either wholly or partly, from liability
on such terms as the Court considers fit.

(3) If a person to whom this section applies has reason to believe that a claim
will or might be made against him in respect of negligence, default,
failure or breach of duty, that person may apply to the Court for relief,
and the Court shall have the same power to relieve the person as it would
have had if proceedings for negligence, default, or breach of duty had
been brought against the person.