Abstract

Given the view adopted in the legal science that the damage incurred by a creditor of a company is the financial loss resulting from the impossibility to recover the debt from the company owing to the illegal and culpable failure of the board members (or directors of the SJSC) to file a petition to declare the company bankrupt, it means that the damage may be defined as the reduction of the financial potential of the company to the extent preventing the satisfaction of the claim the creditor has against the company. The specificity of the SJSC, which in many cases may have no real assets in the form of movables or significant amounts of money, whereas its basic “assets” are the ideas and creativity of people involved in the company, causes that liability of directors, who are by law obliged to file a petition in bankruptcy within a statutorily specified time limit, may prove illusory.