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Directors’ duties to prevent insolvent trading in a crisis: Responses to COVID‐19 in Australia and lessons from Germany – Wiley

1 INTRODUCTION: DIRECTORS’ DUTIES IN A CRISIS

Relief from directors’ duties to avoid trading whilst insolvent has been a common global response to the economic crisis precipitated by the COVID-19 pandemic.1 These duties are configured in legislation in different ways, depending on the jurisdiction, including as a prohibition on insolvent, wrongful or fraudulent trading, or an obligation to file for insolvency.2 These responses raise questions about the role of insolvency law in a crisis and the ultimate goal of protecting creditors as the explicit driver for these duties. COVID-19 has killed almost 2 million people globally at the time of writing.3 This extraordinary situation led governments worldwide to prevent businesses operating …

Read the full article at: https://onlinelibrary.wiley.com/doi/full/10.1002/iir.1424

Category: BankruptcyBy Insolvency GuardianSeptember 24, 2021

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Directors’ duties to prevent insolvent trading in a crisis: Responses to COVID‐19 in Australia and lessons from Germany – Wiley

1 INTRODUCTION: DIRECTORS’ DUTIES IN A CRISIS

Relief from directors’ duties to avoid trading whilst insolvent has been a common global response to the economic crisis precipitated by the COVID-19 pandemic.1 These duties are configured in legislation in different ways, depending on the jurisdiction, including as a prohibition on insolvent, wrongful or fraudulent trading, or an obligation to file for insolvency.2 These responses raise questions about the role of insolvency law in a crisis and the ultimate goal of protecting creditors as the explicit driver for these duties. COVID-19 has killed almost 2 million people globally at the time of writing.3 This extraordinary situation led governments worldwide to prevent businesses operating …

Read the full article at: https://onlinelibrary.wiley.com/doi/10.1002/iir.1424

Category: BankruptcyBy Insolvency GuardianSeptember 24, 2021

Post navigation

PreviousPrevious post:User guide on Corporate Insolvency and Restructuring Act launched – Graphic Online – Graphic OnlineNextNext post:National Health Co-op finds new operators after entering voluntary administration – The Canberra Times

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Lawrence Dallaglio at risk of going bankrupt with £3m family home up for sale | Rugby | Sport
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