| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2014: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Outline of Final Research Achievements |
The liability of directors for the third party, which is found in Art. 429 (1) of Japanese Company Act has functioned as one of the key elements of the creditors’ protection in Japanese Corporate Law. Yet case law has failed in offering a clear guideline to directors’ duty in a financial crisis, on the contrary, the court has often treated directors as if they were guarantors for the company’s debts. From a comparative perspective, it is worth to clarify directors’ duty in a financially distressed company from an insolvency law’s standpoint and to limit the scope of their liability considering that the profit and loss of the business of the company does not belong to them.
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