123 School Work

Duties and the therewith obliged Liabilities of Company Directors in Germany and New Zealand A Comparative

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  Table of Contents
  
  Introduction          3
  Types and structural Differences of Companies in Germany and New Zealand                4
  The Function of a Director                                                  4
  The Standard of Performance of a Director                                         5
  Duties of Directors and the therewith obliged Liabilities                              6
  Conclusion                                                            9
  References                                                             10
  Appendix                                                       
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  Word Count: 1636 words
  Introduction
  If becoming a director, respectively a managing director one should be aware of the legal aspects of personal liability and public organs, like employees, the state, banks, insurance companies, creditors, and separately shareholders, which try to assert their claims.
  Even if there are small institutional and judicial differences among countries, in this case Germany and New Zealand, it is generally the same situation on duties and liabilities under the based jurisdiction. (Baums, 1987)
  
  The most significant difference between both countries is that German directors theoretically owe their duties only to the company itself, whereas New Zealand directors owe duties also to the shareholders. (The Companies Act, GmbHG, and AktG, 2004)
  
  The following discussion will give a brief legal overview of the duties and liabilities of directors in Germany and New Zealand on a general conclusion for stock corporations and large limited liability companies. Therefore it is important to be aware of specific regulations for other company modes.
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  Types and structural Differences of Companies in Germany and New Zealand
  Generally companies are divided into stock corporations (dt.: Aktiengesellschaften) and private limited companies (dt.: Gesellschaften mit beschrnkter Haftung).
  In Germany these two types have greater differences then in New Zealand, respectively the Common Law system, and belong to different laws...