D&O insurance policies need not cover illegal payments made following onset of insolvency

Dec 4, 2018 | Uncategorized

It is not necessary for a D&O insurance policy to cover payments made by the insured managing director after the onset of insolvency. That was the verdict of the Oberlandesgericht (OLG) Düsseldorf, the Higher Regional Court of Düsseldorf.

We at the commercial law firm GRP Rainer Rechtsanwälte note that managing directors who go on to make payments following the onset of their company”s insolvency or over-indebtedness are obliged to indemnify the company to the extent that the payments were not informed by the due diligence expected of a prudent businessman. Many businesses take a proactive response to reducing this substantial risk by taking out a D&O insurance policy for their managing directors and executive bodies. However, the D&O insurance policy does not need to pay out if the managing director goes on to make illegal payments following the onset of insolvency. That was the verdict of the Oberlandesgericht Düsseldorf in a landmark ruling from 20 June 2018 (Az.: I-4 U 93/16).

In the instant case, an insolvency administrator had successfully brought a claim against the managing director of a GmbH, a type of German private limited liability company, on account of the company having executed payments amounting to 200,000 euros after the onset of insolvency. The managing director asserted her rights under her D&O insurance policy in relation to this claim and demanded indemnity.

Her action was unsuccessful. The OLG Düsseldorf held that a liability claim pursuant to sec. 64 of the GmbH-Gesetz, Germany”s Limited Liability Companies Act, is not comparable to an insurance claim for compensation arising from financial loss. It ruled that it is an indemnity claim of a sui generis nature that is designed to serve exclusively the interests of the creditors of an insolvent company as a whole. The Court stated that the company ultimately does not suffer a financial loss as a result of payments made after the onset of insolvency in breach of insolvency law, since an existing claim is settled; payments to preferential creditors were said to be detrimental only to the remaining creditors. The Court noted, however, that D&O insurance is not meant to protect the interests of creditors.

It went on to cite the fact that various possible objections that are recognized under tort law are not provided for in sec. 64 of the GmbH-Gesetz as another reason why a liability claim pursuant to sec. 64 of the GmbH-Gesetz is not comparable to a claim for compensation. The OLG concluded that even though this legal position could lead to coverage gaps in the D&O insurance policy, the insurer does not need to pay out.

In light of this ruling by the OLG Düsseldorf, existing D&O insurance policies ought to be reviewed to ensure the best possible protection for executive bodies. Lawyers who are experienced in the field of company law can advise businesses and managers.

https://www.grprainer.com/en/legal-advice/company-law.html

92.7 BIG FM ASSOCIATES WITH ROBINHOOD ARMY FOR #NOKHALIPET CAMPAIGN TO FIGHT AGAINST MALNUTRITION

Dec 3, 2018 | Uncategorized

National, December 03, 2018: Marking the Human Rights Day, 92.7 BIG FM, one of India’s largest radio networks has associated with Robin Hood Army for its social initiative – #NoKhaliPet with MJ Khurafati Nitin. Through this campaign, the radio station aims to feed 1 lakh underprivileged people across India. Spread over 9 days, the campaign kickstarts on December 3 across its 59 stations and will culminate on the day of Human Rights Day, i.e. 10th December. The radio network will also revisit its special No Khali Pet original song from today onwards, to highlight their endeavor towards creating a hunger-free India. The theme of the song ‘Khali pet rahega toh, kaise desh chalega re’ has been creatively selected keeping the core essence of the campaign.

The radio station through this campaign is reaching out to its listeners encouraging them to partake in the attempt to create a hunger-free nation. Listeners can be a part of the campaign and contribute their bit by sending information to the Robin Hood Army on their Facebook page regarding excess food in hotels, banquets, caterers, upcoming wedding to collect food as well as regarding donation of raw grains, legumes and pulses. BIG MJs from 59 radio stations will be visiting the local chapter of Robin Hood Army, engaging with listeners who have been working towards this cause in the city.

Commenting on the entire campaign, BIG spokesperson said, “We have always been at the forefront of creating campaigns not only for the entertainment of our listeners but also those which gives impetus to the growth in our society. This hard-hitting campaign aims to reinforce the reality of the prevalent challenge and encourage our listeners to make a difference. We hope thousands of listeners will associate with this campaign while working towards a common goal of taking a step towards hunger-free India”

MJ Khurafati Nitin who is leading the campaign will be talking about the initiative in his morning show. The celebrity RJ will emphasize on the relevance of Human Rights Day along with the radio station’s goal to feed the underprivileged across platforms.

Commenting on the initiative, MJ Khurafati Nitin, said, “Indian weddings often witness huge amounts of food wastage. Being a BhukhyaMantri, I am proud to be associated as well as leading this much-needed initiative started by BIG FM. Radio is one such powerful medium and through this we are trying to reach as many people to impart a sense of responsibility and awareness, hereby changing their perception towards food wastage.”

The campaign in association with a leading volunteer based organisation that serves less fortunate people by collecting surplus food from restaurants and the community is encouraging people to come forward and support the cause. People can reach out to Robin Hood Army Facebook page and make their contributions over there.

World-class Travel Tour Operator

Dec 3, 2018 | Uncategorized

Travel is a great activity for happiness. Do you want to go any attractive place for spending time. Don’t worry. Exploring Tourism is here. They offer custom travel Services in 100+ counties and keeps growing. They provide all type facilities like best airport transfer, excellent guide, luxurious hotels, wonderful sightseeing etc. Their brand partners are in whole world. They are progressive and well experienced company. Exploring Tourism gave to traveler booklets in which all of details of regarding company & tours are given. Exploring Tourism offers all type of tourism.

Firstly talk about Africa Tourism, Which is a very enjoyable tourism. Africa is a very big continent. There are many country in that. Exploring Tourism travel almost all country. There are very wonderful national Parks, high waterfalls, safari, wonderful culture & historical places there. Africa tourist places are very popular tourist destination in whole world specially safari.
Secondly, Music Tourism, Music is one type of pray of God. It is very helpful to keep peace of mind. you can know completely yourself by music. Music Tourism is the one type of act of travelling to a city, town, or country to watch a music performance or to attend a music festival. It started in the West, and many towns like Glastonbury in the UK depend on it for their tourist footfall. Music tourism has transformed into a massive phenomenon globally.

In other word, Exploring Tourism offers all type of tourism. Packages of all tourism are so affordable prices. They also offer very good all type of facilities that should need everyone during travelling. Transport also give best type of. Exploring Tourism also give all sufficient information about travelling. It is very trusted and honestly company. Their brand partners are in whole world. They have well designed website you can get all regarding company & travel in that. They Travel world of major country. For more details visit here : https://www.exploringtourism.com/

Commercial Kitchen Deep Cleaning Services Provider in Birmingham

Dec 3, 2018 | Uncategorized

Kitchen deep cleans make sure your catering facilities are in tip-top condition for customers and employees alike. Keeping your catering facilities in tip-top condition is the lifeblood of many businesses in the restaurant, entertainment and hospitality sectors, and outsourcing your kitchen deep cleaning needs gives business managers and owners the peace of mind that a high level of cleanliness is being achieved. But exactly what is involved in a deep kitchen clean and do you need a regular clean to keep your catering and kitchen facilities above par.

For day-to-day staff deep cleaning a commercial kitchen can be a difficult chore that many team members simply don’t have time for but outsourcing tasks like extractor hood and oven cleaning maintenance can ensure that restaurateurs and hoteliers run a tight ship when managing their businesses. Birmingham Kitchen deep cleaning service also provides a healthy and happy place for your staff to work and employees are certain who to be positively influenced by the pure standards of your kitchen.

Kitchen deep cleaning is different from everyday cleanups made by staff members, these deep cleans get into every cranny and nook as well as ensuring the workspaces and appliances you can see are bacteria and sanitized -free. No job is too small or big for an outsourced cleaning operative who will use their commercial- and expertise grade equipment to conduct oven cleaning as well as clean hard to reach and delicate areas like fridge and high shelves, freezer seals, between prep and walls surfaces and behind cookers as well as inside fryers, grills and other essential kitchen equipment.

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DuctAir UK

4 Hertford Court

Northampton NN3 9TD

Phone: 0207 305 5908

Email: info@kitchenductclean.com

Website: http://www.kitchenductclean.com