A private company has three registered directors. A fourth person, who is not on the register and has never been formally appointed, is the company's principal lender. Over the past year the three registered directors have, as a matter of routine, done whatever this person instructs on commercial strategy, including which contracts to enter and which staff to dismiss. The company later becomes insolvent and the liquidator wants to know whether the general statutory duties owed by directors can apply to this lender, given he was never appointed.
Which statement best describes the lender's position?