All modern European systems of law in force today provide for some sort of liability system for directors of companies, triggered by situations related to insolvency. If in some cases the obligations of the directors or the liability cases are loosely defined (holding the directors liable if general duties are disregarded), other pieces of legislation provide detailed and specific situations for misconduct leading to personal liability.
The present article undertakes to briefly analyze three of Europe’s jurisdictions in this regard, looking into the common law system of the UK, the high performance statutory law system of Germany and Romanian – one of Europe’s most insolvency active jurisdictions, thus covering Europe from west to east. At the same time, the new development in EU legislation will be taken into account.