In conformity with one of the newest Supreme Court judgments (case no. II CSK 446/13) in case of insolvency of a limited liability company each management board member is liable towards the company’s creditors for its debts without limitations – irrespective of the division of competencies within the management board.
As a consequence of this judgment a management board member willing to defend itself from creditors’ claims may not invoke lack of knowledge about the condition of the company’s finances and no possibility to act in that respect. The agreed division of responsibilities in the management board is of merely intra-company significance.
In view of the above, in the interest of every management board member it is to monitor the status of the company’s solvency and file a petition for its bankruptcy in case circumstances for such filing are fulfilled.