Digital Lead, Asia Pacific at Ogilvy
09 November 2000 10:56am
Can anyone outline some legal advice for me?
What are the legal responsibilites (and liabilities) of a board?
What proof does one need to demonstrate negligence of these responsibilities?
If a company is considering going into liquidation or declaring bankruptcy.... in part to avoid paying its staff off... and with the full intention of restarting the business in a different guise.... can the employees have any recourse to compensation?
Independent at Multiplicity (www.multiplicity.info)
20 February 2002 12:16pm
The first words any lawyer will tell you: it depends. It e.g. depends on:
- the law under which the company was set up (is it an English, Dutch, US company), defines applicable law;
- the type of company (PLC, LLC, local variations of these)
- the reason the company goes bankrupt (e.g. malpractice board or general economic recession);
- the reason why the board (or a creditor) files for bankrupcy (e.g. with sole reason to get rid of bills or geniune fresh start).
It is therefore difficult to give general guidelines on board responsibilities.
Rianne ten Veen
On 10:56:17 9 November 2000 Barney wrote:
>What are the legal responsibilites (and liabilities) of a
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