Should not Directors be Responsible to Creditors in a Company?
Directors' Responsibilities to Creditors: Comparing South Africa and OHADA Company Laws
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Companies, society and individuals' dreams have been shattered as a result of directors' reckless acts. In an effort, to avoid such situations, there is total failure to add another fundamental aspect which is "directors' responsibilities to creditors of the company" they direct. Many a judge, lawyers and practitioners have least thought of this as a serious factor. They are blinded by the principles that directors are directly responsible to their employer company and that their acts are protected by the company. Even in those circumstances where the veil of incorporation is lifted, to expose...
Companies, society and individuals' dreams have been shattered as a result of directors' reckless acts. In an effort, to avoid such situations, there is total failure to add another fundamental aspect which is "directors' responsibilities to creditors of the company" they direct. Many a judge, lawyers and practitioners have least thought of this as a serious factor. They are blinded by the principles that directors are directly responsible to their employer company and that their acts are protected by the company. Even in those circumstances where the veil of incorporation is lifted, to expose directors for "ultra vires" acts in the company, nothing or little is done to involve the creditors' interest who provide the capital. Creditors' interest have been relegated to insolvency. This book sets to illustrate to investors, businessmen, judges, lawyers and practitioners, policymakers and students that for companies/establishments to stay healthy in business, managing directors mustbe responsible to creditors whose interests need to be protected like those of other stakeholders in the company. South Africa and OHADA region are used for illustration.
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