REVISED SINT MAARTEN LEGISLATION ON DIRECTORS’ LIABILITY IN BANKRUPTCY
Improper bookkeeping may result in liability
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force. Among other things, the provisions with regard to Managing Director’s liability have been improved.
In the event of the bankruptcy of the legal entity each Managing Director is jointly and severally liable to the estate for the deficit being the amount of the debts insofar as they cannot be settled by liquidation of the other assets if apparent improper management had been involved and it is plausible that this is a major cause of the …
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