News
A guarantee provided by a company for personal debts of its own director is void
- 24/04/2017
With regard to a guarantee provided by a company for personal debts of its own director, the Court of Cassation, with Judgment no. 26097/2016, had stated that it could be annulled. Indeed, the company only may be able to establish whether or not its own director had acted with a conflict of interest and whether it is convenient for the company itself to keep that agreement valid or have it annulled.
Instead, with Judgment no. 9419/2017, published last 12th April, the Court of Cassation has changed its mind and has then decided that such a guarantee is to be considered void, so as to prevent any (even if potential) abuse of power.
Given that such a contract is void, it cannot be ratified by the company. So, there is no risk that the conduct of the director may be approved by the partners of his own company.
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