FIRST DIVISION
D E C I S I O N
PANGANIBAN, C.J.:
Directors owe loyalty and fidelity to the corporation they serve and to its creditors. When these directors sit on the board as representatives of shareholders who are also major creditors, they cannot be allowed to use their offices to secure undue advantage for those shareholders, in fraud of other creditors who do not have a similar representation in the board of directors.
The Case
Before us is a Petition for Review [3] under Rule 45 of the Rules of Court, assailing the September 27, 1994 Decision [4] and the January 5, 1995 Resolution [5] of the Court of Appeals (CA) in CA-GR CV No. 39385....
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