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Directors' Liability

Directors of a company can be held liable both internally and externally

The private limited company is a popular legal entity for entrepreneurs. This is partly due to the fact that, as a legal entity, the company is liable for its own actions and debts and the director in private is (in principle) not personally liable for the actions and debts of the company. However, directors of a company who are under the impression that they will never be personally liable for the company’s debts or for their conduct in their capacity as director will be deceived. The director can in certain cases be held personally liable. When this happens, we speak of ‘directors’ liability’.

Directors of a company can be held liable both internally and externally. Internal directors’ liability is where the company holds the director liable. External directors’ liability means that the director is liable to third parties. This may include creditors of the company or the liquidator in case of bankruptcy.

Do you wish to hold someone liable as a director? Have you yourself been held liable as a director? Or do you have questions about this topic? The corporate lawyers at Valegis have extensive experience in the area of directors’ liability and will be happy to help you.

On 1 July 2021, the rules for associations and foundations will be strengthened with regard to directors’ liability in the event of bankruptcy. More information about the liability of directors of associations or foundations can be found via: Management and Supervision of Legal Persons Act.

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