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RESCISSION ACTIONS: KEY TO THE PROTECTION OF CREDITORS IN BANKRUPTCY PROCEEDINGS

Por Diego Ricardo Molinari Chiarappa / 24 de abril de 2025

💡 MCHM Lawyers - Lawyers - Bankruptcy Law
📎 Rescission Actions: Key to the Protection of Creditors in Bankruptcy Proceedings
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👉 Liability of Directors: Rescission Actions and Consequences for Managers
💬The liability of directors in the business field is a highly relevant topic, especially when it comes to rescission actions within the context of a Payment Order Procedure. These actions aim to protect the interests of creditors and ensure that the assets and rights that should be part of the debtor´s estate are effectively restored. Below is a thorough analysis of this issue, including legal and practical consequences for managers. ✍️
Rescission Actions
Rescission actions are legal mechanisms that allow the annulment of acts carried out by the debtor that are detrimental to the active estate of the bankruptcy. These actions are primarily regulated by the Bankruptcy Law and are intended to increase the debtor´s assets to satisfy debts owed to creditors.
Requirements for Filing Rescission Actions
For a rescission action to be valid, certain requirements must be met:
1. Timing: The challenged act must have been carried out within the two years prior to the declaration of bankruptcy.
2. Damage to the Active Estate: The act must be detrimental to the active estate.
3. Nature of the Act: It must not be an ordinary act of the debtor´s professional or business activity carried out under normal conditions.
In addition, the law establishes presumptions to facilitate the proof of damage, such as in the case of acts carried out free of charge or in favor of persons especially related to the debtor.
Active Standing
Rescission actions are primarily brought by the bankruptcy administrator. However, creditors may file these actions subsidiarily if the administrator fails to do so within the established time frame.
Consequences for Managers
Directors´ liability is not limited to the ordinary management of the company; it also extends to their actions in situations of insolvency. Consequences for managers may be severe, both in civil and criminal terms.
Civil Liability
Managers may be held civilly liable if it is proven that their actions caused direct financial harm to the company, shareholders, or third parties. Three elements must be present for this liability to be established:
1. Financial Damage: There must be direct financial harm.
2. Breach of Duties: The damage must result from a breach of legal or statutory duties.
3. Causal Link: There must be a cause-effect relationship between the damage and the breach.
Criminal Liability
In cases of insolvency, directors may face criminal liability if it is proven that they acted with intent or gross negligence, worsening the insolvency situation. This can include fraudulent acts or the concealment of assets.
Practical Consequences
Practical consequences for managers include the possibility of being disqualified from holding administrative positions in the future, as well as the obligation to compensate creditors for the damage caused. In addition, the professional reputation of managers may be seriously affected, with long-term impacts on their careers.
Conclusion
Directors´ liability in the context of rescission actions is crucial for protecting creditors and ensuring the integrity of the bankruptcy process. Managers must act with the utmost diligence and transparency to avoid legal and reputational consequences. It is essential for directors to be well informed about their duties and the potential implications of their actions to minimize risks and ensure responsible and ethical management.
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⚖️ Welcome to the Online Commercial Procedure offered by MCHM Lawyers. Through our online platform, we offer you the convenience of completing the entire procedure from the comfort of your home, without the need to visit our office or the courts (Except for mandatory proceedings). Below, we guide you through each step of the process:
Access Your Personal Account: Once you access our website https://www.mchmabogados.es/inicio-sesion-mchmabogados-almeria [Commercial], you will be able to create a personal account or log in if you already have one. From your personal account, you will have access to all the tools necessary to complete the Commercial Procedure.
Document Upload: From your personal account, you will be able to upload all the necessary documents to initiate the Commercial Procedure (this includes documents relevant to your case).
Receiving Notifications and Requirements: Once you have uploaded your documents, you will receive notifications and requirements through your personal account on our online platform. These notifications will include information about the status of your case, any actions required from you, and any important communication related to your Commercial Procedure.
Case Tracking: From your personal account, you will be able to track the progress of your case in real time. This includes information about hearings, court decisions, and any other relevant updates.
Communication with Your Lawyer: Through our online platform, you will be able to communicate directly with your assigned lawyer. You can make inquiries, ask questions, and receive personalized legal advice at any time during the process.
Receiving the Final Judgment: Once the process is complete, you will receive the final judgment through your personal account on our online platform. This judgment will include any decision made by the court in relation to your Commercial Procedure.
In summary, our Online Commercial Procedure offers you the convenience and flexibility of completing the entire process from the comfort of your home, without the need to visit our office or the courts (Except for mandatory proceedings). With access to your personal account on our online platform, you can upload documents, receive notifications, communicate with your lawyer, and track the progress of your case in real time. At MCHM Lawyers, we are committed to providing you with the best possible service throughout the entire Commercial Procedure.

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📍 For more information, feel free to contact MCHM Lawyers. ✍️
⚓️ Liability, Directors, Rescission Actions, Creditors, Bankruptcy Law, Financial Damage, Civil Liability, Criminal Liability, Disqualification, Compensation, Transparency, Diligence, Insolvency, Business Management.

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