Dutch Supreme Court decides on liability of de facto directors under Dutch law: ‘setting aside’ of formal directors is not required

In bankruptcy proceedings, directors under the articles of association (“formal directors”) of a Dutch B.V. or N.V. can be held liable by a bankruptcy trustee on the basis of specific articles of the Dutch Civil Code concerning manifestly improper management. This specific liability regime for directors does not apply to other third parties, such as shareholders or high-ranking employees. However, … Read more