misfeasance proceedings
Definition
Court action initiated by a creditor, liquidator, official receiver, or stockholders (shareholders) to examine the conduct of any past or present officeholder of a firm. If found guilty, the defendant (misfeasor) may be forced to repay or compensate the firm for misappropriated or misapplied funds or property of the firm.
misfeasance proceedings is in the Corporate, Commercial, & General Law subject.
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