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Article 19

Article 19 — Duties of directors where there is a likelihood of insolvency

Member States shall ensure that, where there is a likelihood of insolvency, directors, have due regard, as a minimum, to the following:

  1. the interests of creditors, equity holders and other stakeholders;
  2. the need to take steps to avoid insolvency; and
  3. the need to avoid deliberate or grossly negligent conduct that threatens the viability of the business.