A ´new´ consolidated and integrated Argentine Civil and Commercial Code has been enacted on October 7, 2014 and came into effect on August 1, 2015 (the “New CCC”), which replaced both the Civil Code (originally enacted on September 29, 1869) (the “Civil Code”) and the Commercial Code (originally enacted on September 10, 1862).
The Argentine Bankruptcy Law No. 24,522 (as amended) (the “ABL”) holds the representatives, managers and attorneys-in-fact liable for any damages arising from the ‘willful’ production, facilitation, easement or aggravation of the debtor’s insolvency; and also holds other third parties liable for any ´willful’ act having the effect of reducing the debtor’s assets or exacerbating the debtor’s liabilities (§173 of the ABL). For bankruptcy purposes, ‘willful misconduct’ is defined by reference to the Civil Code’s definition of ‘willful misconduct’ for tort liability claims as any unlawful act performed knowingly with the intention of causing damages (known as ‘direct willful misconduct’) (§1072 of the Civil Code). Read more. (Subscription required.)
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