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Director’s Duties and Responsibilities to Creditors When the Company Is on the Brink of Bankruptcy

Author: SuZuo
Tutor: HanChangYin
School: Shanghai Jiaotong University
Course: Legal
Keywords: Brink of bankruptcy Directors' duties Responsibilities of Directors The interests of creditors Fiduciary Duties
CLC: D922.291.91
Type: Master's thesis
Year: 2011
Downloads: 54
Quote: 0
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Abstract


On the tradition of the Companies Act , the directors of the company alone responsible to assume care business management obligations and responsibilities to the shareholders . Requirements of corporate governance by the 1980s , in the public and widespread concern in the context of the times of the interests of its stakeholders , common-law countries have developed a series of precedents , the directors of the Company in certain circumstances , in the performance of the duties must take into account the interests of the creditors of the company . This rule expanded the content of the obligations of directors , creditors and as its representative in insolvency , the insolvency administrator safeguarding creditors' interests to provide a powerful weapon . And the establishment of companies ' social responsibility theory \assets unreasonable reduce the time that the company to the brink of bankruptcy , the directors of the Company is obliged filed a bankruptcy petition , the directors should assume direct responsibility for the company's creditors . This article is from the obligations and responsibilities of the directors of creditors had said the director of content and time obligations to creditors , directors filed a bankruptcy petition premise , the civil liability of the directors , directors violated the five aspects of the bankruptcy filing obligation of responsibility and defenses obligations and responsibilities of the study when the directors of the company the brink of bankruptcy creditors , that is, not only to increase the obligations of directors to protect the interests of the creditors of the company , appropriate restrictions should be based on balancing the requirements of the main interests of the company , the liability of directors .

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CLC: > Political, legal > Legal > Chinese law > Economic Law > Corporate law, company law
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