Issuer / Publisher: Dr. Greger & Collegen / Key word(s): Legal Case
02.08.2024 / 12:07 CET/CEST
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Successful ruling before the Federal Court of Justice: Law firm Dr. Greger & Collegen wins fundamental ruling on the subsequent liability of a retired managing director
Regensburg/Munich, August 2, 2024 – The renowned law firm Dr. Greger & Collegen, which specializes in banking and capital market law, has achieved a significant success before the Federal Court of Justice (BGH). In its current ruling of July 23, 2024 (case number II ZR 206/22), the BGH confirmed that a managing director who has left office is also liable for damages to new creditors pursuant to Section 823 (2) of the German Civil Code in conjunction with Section 15a of the Insolvency Code that only arose after his departure through the conclusion of contracts with the company, provided that the dangerous situation created by his breach of duty still exists at the time the damage occurs.
This ruling is of great relevance as it further clarifies the liability of managing directors in the event of delaying insolvency proceedings and strengthens the protective rights of new creditors/investors. The Federal Court of Justice has ruled that the responsibility of a managing director does not end with his departure, but can continue afterwards if his previous breach of duty continues to pose a risk to the company and its creditors.
“We are proud to have won this groundbreaking ruling,” says Dr. Stephan Greger, owner of the law firm. “The BGH’s decision creates more clarity and certainty for everyone involved and ensures that managing directors must take their responsibilities seriously – including with regard to liability beyond their term of office.
Attorney Thomas Groß, who led the proceedings on behalf of the law firm Dr. Greger & Collegen, represented a plaintiff in this case who invested in a capital investment model intended for a large number of investors after the former managing director had violated his obligation to file for insolvency and had already resigned as managing director. In its recent ruling, the Federal Court of Justice followed his argument that the liability of the resigned managing director also applies to subsequent contracts concluded after his resignation, as long as the dangerous situation he caused still exists. “A managing director cannot evade his liability by giving up his position as managing director and abandoning the sinking ship in a crisis situation,” said Thomas Groß, a specialist lawyer for banking and capital market law.
If you have any further questions or would like further information, please do not hesitate to contact the law firm Dr. Greger & Collegen.
Contact:
Lawyers Dr. Greger & Collegen
Munich location:
Prinzregentenstrasse 54
80538 München
Tel.: 089 / 237 08 480
Fax: 089 / 237 08 4811
Location Regensburg:
Dr.-Leo-Ritter-Str. 7
93049 Regensburg
Tel.: 0941 / 630 99 60
Fax: 0941 / 630 99 620
Web: www.dr-greger.de
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