When is a CEO liable for company debts?
Under Georgia’s new “Law on Entrepreneurs,” the liability of directors has been significantly tightened. If a director of an LLC or a joint-stock company breaches fiduciary duties (duty of care and duty of loyalty), they may be held jointly and severally liable.
Moreover, if the company becomes insolvent and the director fails to timely initiate bankruptcy/restructuring proceedings, the business debts may be transferred directly to their personal assets. For managers, legal consultation during major transactions, partnership disputes, and financial crises is critically important.
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