Employment in insolvency
5 years ago
I am the CEO and Director of an Indian private limited company of 800 employees. We will soon have to shut down our company as our American parent company has decided to end operations in India due to their own financial troubles. I want to ensure an orderly shutdown to protect the interest of all employees but am also conscious of the risks of litigation in this situation by some existing employees, past employees, lenders, suppliers etc who may want to assert claims before the parent company withdraws from India. Their lawsuits might name the directors and key management persons as defendants too. Although we do have Directors & Officers Liability Insurance, what is a good time for me to resign to avoid legal liabilities? - (a) Immediately as I sense this risk to avoid liability/ challenge for actions of the Company after I have left? (b) stay till the end as it does not matter?
The earlier is the better. Put your resignation papers as early as possible .
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