Summary
A recent ruling from the Austrian Supreme Court concerning the liability of auditors in damages for providing an unqualified opinion on an insolvent debtor.
Legal Background
Pursuant to sec. 275 para 2 of the Austrian Commercial Code auditors are liable for damages caused by negligent (or intentional) violation of their duty to perform audits impartially and diligently. The liability is capped at EUR 2 mill. for audit of smaller companies.
Facts of the Case
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
Background
Creditors of an insolvent entity file their claims against the entity with the insolvency administrator (Germany) or insolvency court (Austria). If a claim is accepted, it is registered in the insolvency table as an accepted claim and the creditor is listed as an insolvency creditor in the insolvency proceedings.
Recent Developments
Recent Developments
Recent Developments
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments
Recent Developments