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Directors' Liabilities in Case of Insolvency (Hardcover)
Loot Price: R9,311
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Directors' Liabilities in Case of Insolvency (Hardcover)
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This text sets out fact patterns which trigger liability in various
jurisdictions and offers helpful real-world recommendations in a
lucid, straightforward manner. The chapters follow the same basic
frame and guidelines for ease of comparison. The book traces the
rise in the number of cross-border transactions and large
insolvencies in free-market countries has brought director
liability to the foreground, most notably regarding positions that
span multiple jurisdictions and do not involve an active role in
management. It argues that directors must be aware of the rules
applicable in the countries in which they hold positions,
especially where their companies face financial difficulties or
insolvency. Numerous differences in the law exist, even between
countries close in proximity and those which speak the same
language and share the same legal history. The cost of failure to
conform to applicable laws may be dire. The text draws attention to
the numerous factors that hamper access to the applicable rules
such as the lack of a multi-national treaty dealing in depth with
insolvency, corporate restructuring, or directors' liabilities; the
lack of unity in applicable sanctions; the complex and numerous
sources of jurisdictional rules (the Insolvency Act, the
Corporations Act, and the Criminal Code, or some combination); the
lack of jurisdictional consistency in classifying a particular
behaviour as illegal; the significant role of a constantly evolving
body of case law; and the instructions imposed on public
prosecutors by governmental bodies. Lawyers and business people
should be able to appreciate this clear, practical guidance in a
particularly challenging area of the law.
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