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Risks for transactions and directors in financially distressed businesses (France)
Partner Alexandre Koenig and Associate Lauriane Chauvet recently contributed to the updated publication in Practical Law titled 'Risks for Transactions and Directors in Financially Distressed Businesses (France)', where they explore:
- The duties that directors owe to their company, its shareholders and its creditors, and how these may change according to the company's financial situation.
- The investigation of the pre-insolvency actions of the directors by insolvency officials and judicial authorities.
- The powers of the insolvency officials to have the courts unwind any ongoing transactions and general powers of recovery in their aim to achieve the greatest possible return for company's creditors and other applicable aims.
- The potential for any claims against the company's directors, and whether the directors can be personally pursued because of certain conduct even if ordinarily they would not be liable for the insolvent company's debts.
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