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    05 Mar 2012

    How does personal liablilty for corporate debts apply to newly appointed directors?

    The Companies Act states that directors can be held personally liable for all debts that arise after the equity of a company has fallen below 50% of the registered share capital. In such circumstances the board of directors has a duty to act in order to avoid personal liability. In a recent case the Court of Appeal had to consider how a new board of directors in a company with insufficient capital should act.

     

    Article by Wistrand senior associate Sara Lööf published in the Insolvency & Restructuring Newsletter, March 3 2012.

     

    ILO is a premium online legal update service for major companies and law firms worldwide. ILO publishes a series of legal Newsletters which provide expert legal commentary in the form of concise, regular news updates. The Newsletters are written in collaboration with over 500 of the world's leading experts and cover more than 100 jurisdictions. 

     

     

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