Directors’ duties where there is a likelihood of insolvency (Manz, 2023)
In implementation of Article 19 of the Directive (EU) 2019/1023 (PRD 2019), Section 1 para 3 of the Austrian Restructuring Code (ReO) introduces a new set of duties of directors linked to a likelihood of insolvency. This book is the first in-depth analysis of the new legal framework for directors of Austrian GmbH and AG amended through the ReO.
In this book, directors duties in the crisis context are discussed against the background of this amended legal framework as well as in the international context.
Main aspects are:
- Duties of directors where there is a likelihood of insolvency (Section 1 para 3 ReO)
- Suspension of the duty to file and exclusion of liability related to the prohibition of payment (Sections 24, 25 ReO)
- Impact on existing duties under the Austrian GmbHG, AktG, IO and URG
- Business Judgement Rule in the crisis and insolvency context
- Legal comparison with the German implementation of PRD 2019 (SanInsFoG, StaRUG)
- Analysis of relevant concepts of English law and UNCITRAL
- Results of a survey involving 107 Austrian insolvency administrators