Advice to the board
SUPPLEMENT - POLAND - March 01, 2009
At this time of global crisis, many companies operating in Poland may suffer losses. Such conditions also generate certain risks for members of management boards. Polish law stipulates, in general, that capital companies (limited-liability companies and joint-stock companies) are fully liable for their liabilities up to the value of all their assets. However, members of management boards must be aware that there are certain cases in which they may be held liable up to the value of all their assets for the company's liabilities. It is worth knowing the most important provisions that specify when management board members are liable for a capital company's liabilities and how they can protect themselves.
Liability of board members
Registration of share capital or its increase
The liability of members of management boards arises when a company is registered. Hence, members of the management board are liable to the creditors of the company jointly and severally...
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