Companies without management
Consequences for breach
Majority shareholders’ power in insolvency proceedings
Interim managing director as possible alternative?
Recent changes to the Insolvency Code have considerably expanded the obligations of shareholders in insolvency situations. For example, a new obligation has been introduced which requires majority shareholders in so-called ‘companies without management’ to file for insolvency. This obligation must normally be discharged by the company’s officers (eg, managing directors and managing boards), who must immediately file for insolvency according to the Insolvency Code if the company is …