Austria: Directors' duties in the vicinity of insolvency
In 2009 in Austria the number of opened insolvency proceedings again increased by about 15%, with the result that directors' duties surrounding insolvency are attracting more and more attention. The discussion of directors' duties under Austrian law focuses on the management board, since in the Austrian two-tier management system it is the managers of that body (or in case of a limited liability company the managing directors) who are responsible for managing and directing the business and affairs of the corporation. Supervisory functions, on the other hand, are performed by a separate corporate body, the supervisory board. The concept of executive and non-executive directors being members of one board is largely unknown to Austrian law.
In 2009 in Austria the number of opened insolvency proceedings again increased by about 15%, with the result that directors’ duties surrounding insolvency are attracting more and more attention.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651