class action, page-10

Varuka, I understand your comment re incompetence is not a legal offence but negligence is. Looking at basic common law duties I think a strong case could be made and at the very least put the directors through some personal costs as we have all faced. Such as

Duty to act bona fide (In good faith) in the interests of the
company as a whole 2
2.2 Duty not to act for an improper purpose
2.3 Duties of care and diligence
2.4 Duty to retain discretion
2.5 Duty to avoid conflicts of interest
2.6 Duty not to disclose confidential information
2.7 Duty not to abuse corporate opportunities

Each and every one of these I believe a case could be made.