{"id":48638,"date":"2023-07-09T13:38:02","date_gmt":"2023-07-09T10:38:02","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/zhmia-metohon-kai-etairikon-daneiston\/"},"modified":"2026-08-28T09:21:37","modified_gmt":"2026-08-28T06:21:37","slug":"board-member-liability-shareholders-corporate-creditors","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-shareholders-corporate-creditors\/","title":{"rendered":"Responsibility of Board Members. Damage to Shareholders and Corporate Creditors"},"content":{"rendered":"

In our previous article<\/strong><\/a>, we were concerned with the “external” responsibility of the administrators of the SA. By their causing, i.e., of direct (property) damage to third parties and shareholders during the performance of their duties. Distinguishing direct from indirect harm to shareholders is of particular interest and will therefore concern us here. However, we will also look into another important issue: the liability of the members of the Board of Directors towards corporate creditors due to causing or delaying bankruptcy (art. 107 of law 4548\/2018).<\/p>\n

 <\/p>\n

Recovery of Direct Shareholder Damage: Distinction from Indirect<\/strong><\/p>\n

The “mismanagement” of corporate affairs by members of the Board may personally and directly harm the shareholders. The latter, in the case of direct damage, acquire individual compensation claims. To determine and better understand direct damage, it is useful to compare it with indirect (reflective) damage.<\/p>\n

Indirect damage is defined as that which, although present, appears weakened and causally distant from the legal reason for liability. The restoration of the indirect damage can be claimed by the SA-only, through the filing of a corporate lawsuit <\/strong><\/a>(and not by the shareholders who were indirectly damaged).<\/p>\n

(Non)Recovery of Indirect Loss to Shareholders<\/strong><\/p>\n

The property of the SA is separate and distinct from the individual properties of its shareholders.<\/p>\n

The compensatory liability of the Board of Directors does not arise and, in general, the issue of shareholder compensation does not arise, if the result of the illegal and culpable action of its members is the reduction of the net corporate assets. In this case, the SA will be the only one immediately damaged and entitled to compensation. The shareholder may suffer “as a result” (e.g. due to a fall in the market value of their shares or a reduction in their intrinsic value or because they received a smaller dividend). Although there are, in this case, adverse consequences due to a tort committed against the company, the shareholder is not, however, legalized to bring an individual action (Supreme Court 413\/2020, Supreme Court 925\/2007, both in Nomos Legal Database).<\/p>\n

Likewise, no right to exercise additional intervention on behalf of a shareholder in favor of SA is recognized in the action that the latter may bring for its compensation. It is argued, however (individually anyway), that in the event that the corporate action is not instituted, the shareholder can seek compensation for the indirect damage pursuant to art. 919 or 281 and 914 Civil Code.<\/p>\n

Restoration of Direct Loss to Shareholders<\/strong><\/p>\n

The “core” of shareholder relations does not belong to the corporate property, nor does it fall within the powers of the Board of Directors. Shareholders’ rights do not derive from it. These relate to maintaining the position and momentum of the shareholders in the company. Any infringement (by act or omission) of this position (either the same or in comparison with the other shareholders) constitutes, exactly, the direct, personal and independent damage of the shareholders.<\/p>\n

It does not matter if simultaneously any property damage of the company is (also) created. The shareholder’s personal compensation claim against the guilty person is completely separated from the corporate action (article 102 ff. law 4548\/2018).<\/p>\n

The direct liability of the members of the management of the SA vis-\u00e0-vis its shareholders arises due to extrajudicial violations. Their illegal, culpable and damaging behavior will (must) meet, in other words, the legal conditions that establish compensatory liability against them (914, 919, 281 CC). This applies, after all, (also) to the non-existence of a contractual relationship between the shareholders and the members of the Board of Directors.<\/p>\n

Direct damage, not infrequently, is established -according to the jurisprudence- in the fact that “the damaging act of the members of the Board of Directors, considered independently, constitutes at the same time illegal intervention in the essence and the core of the shareholder right, that is, it also constitutes, in relation to the shareholders, behavior that goes against the principle of morality, which constitutes a tort, from which a direct and independent obligation to compensate arises” (see Supreme Court 1214\/2021, Supreme Court 413\/2020, Supreme Court 1298\/2006 \u2013 Nomos Legal Database).<\/p>\n

Examples of Direct Shareholder Damage & Legal Consequences<\/strong><\/p>\n

In order for the shareholder who suffered damage to be able to bring an individual lawsuit, it is necessary for them to have been a shareholder at the time of the damage. They will then be entitled to compensation for the (direct) damage they suffered from:<\/p>\n

(a) Unauthorized intervention of the Board of Directors in their share rights. Indicatively, in case of limitation or exclusion <\/strong><\/a>of the pre-emptive right <\/strong><\/a>to increase the share capital: by decision of the Board of Directors or the General Assembly (based on the recommendation of the Board of Directors), even though there is no substantial and compelling corporate interest to this effect. The (direct) loss of the shareholder is in this case is obvious. They have, on the one hand, unlawfully forfeited their legal right to participate (and, usually, on favorable terms) in an increase of the share capital. They become, on the other hand, a passive observer of the (not infrequently dramatic) reduction in the percentage and value of their corporate participation.<\/p>\n

(b) Direct distribution of the new shares by the Board of Directors to third parties – without complying with the conditions of the law.<\/p>\n

(c) Usurpation of the powers of the General Assembly by taking decisions by the Board of Directors, which fall under its exclusive competence (art. 117 of Law 4548\/2018).<\/p>\n

(d) Adverse consequences to the detriment of the shareholders’ corporate participation from a possible, unfair, formulation by the Board of the terms of the corporate transformation and the exchange relationship (see art. 19 \u00a7 1, art. 71 \u00a7 1, art. 115 \u00a7 1 Law 4601\/2019).<\/p>\n

In the above indicative cases, compensatory liability is imposed not only on the guilty members of the Board of Directors and administrators of the SA, but also on the company itself (according to art. 71 of the Civil Code), which will be jointly and severally liable.<\/p>\n

 <\/p>\n

Capital Market Law<\/strong><\/p>\n

In the light of capital market law, the individual interest of prospective (and not only) investors or shareholders requires the establishment of collective responsibility of the members of the Board of Directors for correct, accurate and truthful information in the context of the prospectus (see art. 61 in conjunction. with Art. 60 \u00a71 para. 2 of Law 4706\/2020). A possible breach of said obligation (also) gives rise, therefore, to claims for compensation for the damage that they (:investors, shareholders) suffered.<\/p>\n

 <\/p>\n

SA Bankruptcy & Damage to Corporate Creditors<\/strong><\/p>\n

In the case of non-careful management of the corporate property, it is possible for the members of the Board of Directors of the SA (also) to be liable to the corporate creditors. In the cases, in particular, of attracting or causing bankruptcy of the company (art. 127 of Law 4738\/2020\/Law on Insolvency). The emergence of said liability will, therefore, be the result of committing the corresponding specific bankruptcy offences. The loss of the creditors may not always be immediate (see, however, Appeal Ex. on Art. 107 which refers, indiscriminately and generally, to “direct” damage to third parties). In more detail:<\/p>\n

Bankruptcy Waiver<\/strong><\/p>\n

In case of insolvency of the SA, the members of the board of the company must file a bankruptcy petition within thirty (30) days from the cessation of payments (art. 79 \u00a75 Law on Insolvency). In this case, the aim is to prevent the assumption of additional business risks to the detriment of the interests of creditors and shareholders.<\/p>\n

If the aforementioned obligation of the members of the Board of Directors is not fulfilled, in principle, liability arises against the guilty persons. This “external” civil responsibility is individual, in its entirety, for the restoration of the loss of the corporate creditors (art. 127 \u00a71 Law on Insolvency). It is enough, in this case, that they are charged with slight negligence. Liability is also borne by the person who (probably) encouraged the responsible persons (art. 127 \u00a72 section 1 Law on Insolvency).<\/p>\n

There are, however, cases of dismissal of the members of the Board of Directors due to (unreasonable and justified) delay (art. 127 \u00a73 Law on Insolvency).<\/p>\n

The property damage to the creditors consists in the reduction of the bankruptcy dividend through the impairment of the bankruptcy estate – due to the delay of the board members. Their damage is therefore indirect. This is confirmed, after all, by the (exclusive) legalization of the liquidator to present the compensation claims (art. 127 \u00a72 section 2 of the Civil Code). The restoration of said loss takes place by payment to the corporate (:bankrupt-now) property through which an increase in the bankruptcy dividend occurs, respectively.<\/p>\n

Creditors may, only exceptionally, assert their claims individually. And this upon non-fulfillment of the conditions for initiating the bankruptcy procedure or due to its suspension (given, however, the existence of a state of suspension of payments).<\/p>\n

As for the amount of the loss, this will result from the difference between the actual and the hypothetical (: upon timely application) bankruptcy dividend. Furthermore, the “dividend” loss, being collective, affects, equally, all corporate creditors with claims that had (already) arisen against the SA at the time of the bankruptcy discharge.<\/p>\n

New creditors-contractors, that is, of the SA, may also suffer damage while the company was already in a state of approaching bankruptcy. They will therefore be entitled, based on the general provisions (art. 914 of the Civil Code), to claim a corresponding restoration of their personal property.<\/p>\n

The members of the Board of Directors will be liable, lastly, also towards the lenders whose claims were created from the 31st day of suspension of payments until the day of submission of the application in question (art. 127 \u00a71 para. b’ Law on Insolvency).<\/p>\n

Challenge Of Bankruptcy<\/strong><\/p>\n

The sole responsibility of the members of the Board of Directors vis-\u00e0-vis the creditors for causing the bankruptcy of the company will (also) arise if the SA entered a state of suspension of payments due to their culpable actions.<\/p>\n

In this case, fraud or gross negligence is required (art. 127 \u00a74 Law on Insolvency). Creditors bear the (by definition difficult) proof of fault.<\/p>\n

The loss of the creditors is, in this case, immediate. Therefore, it does not pass through the corporate (bankruptcy) property and is not claimed by the receiver. The liquidator, however, is authorized, in any case, to raise the company’s claims against those at fault (based on art. 73 Civil Code).<\/p>\n

Correspondingly responsible with the guilty members of the Board of Directors will be the ones who, possibly, encouraged the realization of their damaging actions (art. 127 \u00a74 section b’).<\/p>\n

 <\/p>\n

The shareholders are entitled to claim from the members of the Board of Directors the restoration of the direct, only, damage suffered by the latter’s harmful acts and omissions. They are not entitled, therefore, to claim compensation for any indirect loss (due to, e.g., the impairment of the company’s assets or the reduction in the value of their shares). The third parties also have the right to turn against the members of the Board of Directors who, possibly, caused the bankruptcy or acted as a distraction in such a case. However, removing, reducing or mitigating the responsibility of the members of the Board of Directors is not an easy task. Even if the General Assembly approves their management or absolves them of their responsibility. About them, however, see our next article.-<\/p>\n

\"\"<\/p>\n

Stavros Koumentakis<\/a>
\nManaging Partner<\/em><\/p>\n

 <\/p>\n

The information contained in this article does not constitute (nor is it intended to constitute) legal advice. Such legal advice may only be provided by a qualified lawyer who has taken into account all the facts and circumstances of your particular case.<\/em> Read more<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In our previous article, we were concerned with the “external” responsibility of the administrators of the SA. By their causing, i.e., of direct (property) damage to third parties and shareholders during the performance of their duties. Distinguishing direct from indirect harm to shareholders is of particular interest and will therefore concern us here. However, we […]<\/p>\n","protected":false},"author":5,"featured_media":48639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[45,1222,53,1224,110,1226,1187,1225,1189,1227,335,1223,1191,519],"class_list":["post-48638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-bankruptcy-en","tag-board-member-liability","tag-board-of-directors","tag-corporate-creditors","tag-corporate-governance","tag-corporate-lawsuit","tag-creditor-protection","tag-directors-liability","tag-greek-corporate-law","tag-insolvency","tag-law-4548-2018","tag-shareholder-damage","tag-shareholder-rights","tag-societe-anonyme"],"acf":[],"yoast_head":"\nBoard Member Liability: Shareholders and Corporate Creditors-KOUMENTAKIS<\/title>\n<meta name=\"description\" content=\"Board member liability for direct shareholder loss and damage to corporate creditors, including liability arising from delayed or caused bankruptcy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-shareholders-corporate-creditors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Board Member Liability: Shareholders and Corporate Creditors-KOUMENTAKIS\" \/>\n<meta property=\"og:description\" content=\"Board member liability for direct shareholder loss and damage to corporate creditors, including liability arising from delayed or caused bankruptcy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-shareholders-corporate-creditors\/\" \/>\n<meta property=\"og:site_name\" content=\"Koumentakis & Associates\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-09T10:38:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-28T06:21:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koumentakislaw.gr\/wp-content\/uploads\/2023\/07\/Koumentakis-and-Associates-Zhmia-metohon-kai-daneiston-Article-Stavros-Koumentakis-01-eng.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u03a3\u03c4\u03b1\u03cd\u03c1\u03bf\u03c2 \u039a\u03bf\u03c5\u03bc\u03b5\u03bd\u03c4\u03ac\u03ba\u03b7\u03c2\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stavros Koumentakis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/board-member-liability-shareholders-corporate-creditors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/board-member-liability-shareholders-corporate-creditors\\\/\"},\"author\":{\"name\":\"\u03a3\u03c4\u03b1\u03cd\u03c1\u03bf\u03c2 \u039a\u03bf\u03c5\u03bc\u03b5\u03bd\u03c4\u03ac\u03ba\u03b7\u03c2\",\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/#\\\/schema\\\/person\\\/b79f628f61af179023579e7abf7f98c0\"},\"headline\":\"Responsibility of Board Members. 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