A statutory body of a company who fails to file an insolvency petition in conflict with the Czech Insolvency Act shall be liable to the creditors for the damage or other loss which they caused by the violation of such obligation. A late filing for insolvency can be connected with favouring creditors, which may constitute a criminal offence.
Members of statutory bodies have an obligation to act with due managerial care and the COVID-19 pandemic does not create any exemption to that rule. Failure to take all necessary and reasonably foreseeable steps to prevent insolvency of the company may in certain cases lead to activation of their statutory guarantee for fulfilment of all obligations of that company, if declared insolvent by a court.
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