THE RESPONSIBILITY OF PERSONS CAUSING DEBTOR’S INSOLVENCY IN THE BILL ON PRE-INSOLVENCY AND INSOLVENCY PROCEEDINGS

Abstract

Insolvency is the state of the debtor’s patrimony characterized by insufficient
monetary funds available for the payment of exigible debts. It may be the consequence of
unfavourable economic circumstances, but also the result of managerial deficiencies of even
fraud.
If insolvency is caused by the gross incompetence or the fraud of the debtor’s board of
directors, then the syndic judge, by means of the special mechanism created in the insolvency
proceedings, i.e. the joint responsibility action, may include the responsibility of the debtor’s
managers (if the debtor is a legal person) in covering the debtor’s liabilities. From a
psychological point of view, such a menacing perspective may bring about a certain control of
the managerial activity, a certain caution of a bonus pater familias in managing the debtor’s
affairs1.