Restructuring & Insolvency analysis: This case is a salutary reminder to so-called ‘one-person companies’, where one person is the sole director and shareholder of the company, that they cannot treat the assets of a limited company as their own. In this case, the sole director and shareholder of the company withdrew money from the company for his own benefit. In his oral evidence, the director conceded that he transferred money to himself from the company as and when needed. The judge found that the director had breached the duties that he owed to the company pursuant to the Companies Act 2006 (CA 2006) in withdrawing the money from the company; the payments in substance amounted to an impermissible distribution of capital. Although the judge found that the director was, on the face of it, liable to restore the sum of around £2.2m to the company in light of his misfeasance, the judge tailored the relief to be awarded under section 212 of the Insolvency Act 1986 such that the director would only be liable to make up sums needed to pay the sole creditor, statutory interest, costs and expenses of the liquidation, in full. Written by James A Davies, barrister at Enterprise Chambers.