If the court-appointed administrator or liquidator of an insolvent firm identifies those responsible for the insolvency, the syndic may order the respective persons to cover a part of or the entire debt.
Managers are held accountable for the insolvency if they used the firm’s goods and money in their own interest and signed contracts or engaged in activities that harmed the company, as well as for mismanagement and faulty accounting.
Managers found responsible for a firm’s insolvency following a final court ruling will not be allowed to fill executive positions at any other company for ten years after the ruling is issued.