When Insolvency Issues Arise

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Board Perspectives: Risk Oversight, Issue 13 - How Independent Directors Can Mitigate Personal Liability Risks in Financial Distress Situations

Independent directors are charged with protecting the interests of the organization and its shareholders by providing appropriate oversight and making objective decisions. When the organization is in financial distress, a whole new set of issues arise; experienced independent directors can provide a fresh unbiased perspective on corporate issues.

In circumstances involving matters of insolvency or potential insolvency, independent directors should be mindful of the issues involved. In this issue of Board Perspectives: Risk Oversight, we focus on personal liability risks and responsibilities for independent directors in times of financial distress.

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