On 25.03.2021, the BVMW hosted a webinar on the topic of “Managing director liability in times of crisis”.

In the form of an expert interview, Paul Michels, insolvency administrator, lawyer and business graduate from ATN D’AVOINE TEUBLER NEU RECHTSANWÄLTE, and Ralf Venema, restructuring expert and responsible Director Turnaround Management at perpetuo GmbH, provided information on the ten most common misconceptions of managing directors in times of crisis. Christian Kersten, Managing Partner of perpetuo GmbH from Dortmund, moderated the entertaining event.

The complete script incl. of the answers can be downloaded here as a PDF file

Summary of the ten misconceptions:

IRRGULATION 1: Obligation to file for insolvency is suspended across the board

IRRGUE 2: Only the commercial managing director is liable

IRRGUIT 3: In the event of insolvency, only the GmbH is liable, not the managing director

IRRGULATION 4: Shareholders are personally liable if they “prohibit” the manager from filing for insolvency

IRRGULATION 5: The company’s internal crisis early warning system is the responsibility of the tax advisor

IRRGUIT 6: Shareholder loans should be repaid before insolvency occurs

IRRGULATION 7: D&O insurance protects me fully in the event of insolvency

IRRGUIT 8: In the event of insolvency, the managing director is completely “disempowered”

IRRGUE 9: Thanks to the StaRUG, I can restructure my company without insolvency and without going to court

IRRGUIT 10: If liquidity is tight, secure your own capital first

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