Tis the season to be merry, except if you’re a director at clothing retailer Mosaic Brands.

The clothing group, which went into administration in late October with debts of at least $249 million, apparently did not have directors and officers insurance, according to two sources who could not be identified for confidentiality reasons.

It is highly unusual for a publicly listed company to not pay for such insurance, which exists to protect directors and management against the peril of being sued if they are found to have failed in their duties and responsibilities.

Mosaic Brands owns Rivers, Katies, Noni B........

© The Sydney Morning Herald