Who is responsible for a forum content, do T's & C's cover damage to businesses?

The real question is at what point does the holder of the content accept the legal liability for the content submitted by others.

Where is the line drawn?

T's & C's appear to be guidelines as I have never heard of content being removed.

So who is libel in the real 'Court Case' world?

I recognise that discourse is desired but when discussion becomes malicious and no editorial action is taken can the content holder be sued, regardless of their T's&C's. This is especially important as digital communications create a wider dissemination of damage, should financial claims be requested in multiples by the number of countries where the content becomes available.

Opinions about this would be very interesting as while we have designed nine community projects in the last twelve months I am uncertain that there is any policing of content going on. Perhaps a test case is in order?