Patrimonial Liability in Insolvency – When Can Administrators, Shareholders, and Management Be Held Liable?
During insolvency proceedings, the law allows holding administrators, shareholders, and other management liable if, through serious misconduct or negligence, they contributed to the company’s insolvency. The goal is to cover the outstanding debts from the personal assets of those responsible.
Who Can Be Held Liable?
- Current or former administrators (including de facto)
- Members of the management bodies (Board, executive, auditors)
- Shareholders with direct or indirect control
- Persons who exercised actual control over the company
Actions That May Trigger Liability
- Continuing operations despite inevitable failure
- Hiding or destroying assets
- Delaying the filing for insolvency
- Keeping fictitious or no accounting
- Using company assets for personal gain
- Preferential payments to some creditors
Consequences
The court may order those found guilty to personally cover the company’s liabilities and impose restrictions on managing other companies. This is a severe measure with significant financial and reputational impact.
Role of the Lawyer
For administrators, shareholders, or managers:
- Defense against accusations
- Preparation of supporting documents
- Demonstrating good faith
For creditors:
- Drafting the claim under the law
- Identifying liable individuals
- Representation in court
Conclusion
Patrimonial liability is a powerful legal mechanism. Legal assistance from a specialized lawyer is essential, whether defending against such claims or initiating proceedings. SCPA Murar și Asociații offers full support in all stages.
📍 Contact
- Phone: +40 21 330 52 62
- Email: office@avocatmurar.ro
- Contact form: https://avocatmurar.ro/contact