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“A company is covered by the veil of incorporation and this veil remains in place except in exceptional circumstances. Discuss the Directors’ potential personal liabilities for acts of Fraud and mismanagement under both UAE and US company laws”
Increasingly stringent legislative requirements, together with the enforcement of existing standards and a growing number of corporate governance related regulatory investigations, are of course an immediate response to the significant financial failures experienced in the U.A.E. and US as a result of the global financial crisis. Yet, as the markets look towards future growth, there are clear signs that the move to embrace and institutionalize good corporate governance principles may also reflect an underlying shift towards an economic model that favours sustainable growth through transparency, responsibility and accountability.
Directors and officers of U.A.E. and US companies must therefore adapt to this increasingly regulated environment, and ensure that corporate governance is given due consideration and priority. Failure to do so may give rise to an increased risk of exposure to corporate (and potentially personal) litigation, and regulatory and/or criminal investigation.
The U.A.E. and US corporate laws provide that directors are liable to the company, its shareholders and third parties for all acts of fraud and abuses of power. Directors may also be liable for the mismanagement of the company. It is clear therefore that the potential liability of directors is not necessarily limited to deliberate or serious acts of wrongdoing. Discuss.
 
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