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Private Sector Opinion 35: A company in distress demands special attention from its board of directors to help steer the enterprise into calmer waters. In addition, in such turbulent times, the board and its fiduciary duties are often put to test by disgruntled shareholders and creditors looking to recover their investments or loans. Claudio Rechden and Kalina Miller explain the general legal framework applicable to board members in distressed situations and suggest practical tips for managing and mitigating possible liability risks.
By Claudio N. Rechden, Senior Counsel at IFC, and also an adjunct professor of law at Georgetown University Law Center and University of Miami School of Law, and Kalina B. Miller, Senior Counsel at IFC
Forword by Mike Lubrano, Managing Director, Corporate Governance, Cartica Capital