Keywords
Administradores Insolvencia Gobernanza corporativa Business judgment rule Duty shifting, Administrators Insolvency Corporate governance Business judgment rule Duty shifting
La responsabilidad de los administradores en la proximidad de la insolvencia ¿Duty shifting en el derecho español?
Abstract
El artículo analiza el rol de los administradores sociales frente a la probabilidad de insolvencia, destacando cómo la Directiva (UE) 2019/1023 redefine sus obligaciones para priorizar no solo los intereses de los socios, sino también los de acreedores y otros stakeholders. Este fenómeno, denominado duty shifting, implica un cambio en la tradicional concepción contractualista del interés social hacia un modelo más institucionalista, donde la gestión empresarial busca equilibrar intereses diversos para maximizar el valor de la empresa.
Durante la crisis empresarial, los administradores deben actuar diligentemente para prevenir la insolvencia, tomando decisiones estratégicas que, aunque arriesgadas, sean razonables y en línea con la business judgment rule. Este principio protege su discrecionalidad empresarial, siempre que actúen de buena fe, con información suficiente y siguiendo un proceso adecuado. La experiencia del derecho norteamericano destaca cómo los administradores enfrentan conflictos entre intereses de socios y acreedores, regulados principalmente a través de mecanismos de protección contractual y la maximización del valor empresarial.
Finalmente, el texto propone la necesidad de articular herramientas internas y normativas que permitan identificar y gestionar tempranamente las crisis financieras, fortaleciendo la gobernanza corporativa y asegurando un marco eficiente que coordine el derecho societario y concursal.
The article analyzes the role of corporate administrators in the likelihood of insolvency, highlighting how Directive (EU) 2019/1023 redefines their obligations to prioritize not only shareholders’ interests but also those of creditors and other stakeholders. This phenomenon, known as duty shifting, represents a shift from the traditional contractualist view of corporate interest to a more institutionalist model, where business management aims to balance diverse interests to maximize company value. During corporate crises, administrators must act diligently to prevent insolvency by making strategic decisions that, while risky, remain reasonable and aligned with the business judgment rule. This principle protects their business discretion as long as they act in good faith, with adequate information, and follow a proper decision-making process. The experience of U.S. law highlights how administrators manage conflicts between shareholder and creditor interests, mainly regulated through contractual protection mechanisms and the maximization of business value. Finally, the text emphasizes the need to develop internal tools and regulations to identify and manage financial crises early, strengthening corporate governance and ensuring an efficient framework that aligns corporate and insolvency laws.
The article analyzes the role of corporate administrators in the likelihood of insolvency, highlighting how Directive (EU) 2019/1023 redefines their obligations to prioritize not only shareholders’ interests but also those of creditors and other stakeholders. This phenomenon, known as duty shifting, represents a shift from the traditional contractualist view of corporate interest to a more institutionalist model, where business management aims to balance diverse interests to maximize company value. During corporate crises, administrators must act diligently to prevent insolvency by making strategic decisions that, while risky, remain reasonable and aligned with the business judgment rule. This principle protects their business discretion as long as they act in good faith, with adequate information, and follow a proper decision-making process. The experience of U.S. law highlights how administrators manage conflicts between shareholder and creditor interests, mainly regulated through contractual protection mechanisms and the maximization of business value. Finally, the text emphasizes the need to develop internal tools and regulations to identify and manage financial crises early, strengthening corporate governance and ensuring an efficient framework that aligns corporate and insolvency laws.
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