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How to Keep Your Business in the Labyrinths of Liability
FVP Attorney at law Jevgēnija Ziņģe has expressed her opinion on the liability of board members in the event of business insolvency, tax debts and other financial issues – How to Keep Your Business in the Labyrinths of Liability (click here to read the entire article in Latvian)
A quote from the article:
“(..) In order to have a basis for discussing the liability of a board member, it is important that all of the requisite elements have been established. The liability of a board member may stem from activity that is not itself illegal but does result in losses. Legal literature and practice have confirmed many times – if the actions of a member of the board are contrary to reasonable commercial business practice and all of the preconditions for liability have been proven, then the lack of bad faith to the board member’s action is irrelevant: they are held liable for any negligence, however minor (..)”
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