Who can be held vicariously liable in case of bankruptcy of the company

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If the
debtor organization cannot meet its obligations, then the persons exercising
control over the company may bear subsidiary responsibility.

The amount
of subsidiary liability is the amount of creditors’ claims.

The person
controlling the debtor organization is considered to be a legal entity or an
individual who has the right to determine the actions of the debtor, also
conclude transactions and determine their terms.

The person
controlling the debtor may be recognized as the head, chief accountant, any
other person who can dispose of more than 50% of the organization’s share.

The court
may recognize as controlling any other person who influenced the
decision-making. This may be an actual manager or owner who has put a nominal
CEO or owner in his place.

The person
controlling the debtor company bears subsidiary responsibility for the
company’s debts if it is not proved that this person did not influence the
company’s activities.

subsidiary liability of this person may be reduced by the court if the amount
of damage caused by him is less than the amount of creditors’ claims.

If the
person controlling the debtor proves that there is no fault in his inability to
repay the debt, then he is not subject to subsidiary liability.

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