Article 19 Duties of directors where there is a likelihood of insolvency

Member States shall ensure that, where there is a likelihood of insolvency, directors, have due regard, as a minimum, to the following:

1. (a)

   the interests of creditors, equity holders and other stakeholders;

2. (b)

   the need to take steps to avoid insolvency; and

3. (c)

   the need to avoid deliberate or grossly negligent conduct that threatens the viability of the business.