New Board of Directors Duties as of 1 January 2023

As of 1 January 2023, the board of directors must monitor the liquidity of their company. These are non-transferable and inalienable duties of the board of directors. If there is a justified concern of imminent insolvency, it must take measures to ensure solvency.

In the case of imminent insolvency as well as in the case of a capital loss and overindebted-ness, action must be taken on time in accordance with the law. The judge may not be notified if there is a real prospect of reorganisation within a reasonable period, but at the latest within 90 days after the audited interim financial statements are available. In doing so, the claims of the creditors must not be additionally jeopardised.