Austria: Directors and Officers

The European Union has enacted its first comprehensive harmonisation of insolvency law across member states, establishing common standards for avoidance actions, directors' filing obligations, pre-pack sales, creditor committees, and asset tracing.

On 15 May 2017, the ECB published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.

According to the Austrian Commercial Code ("Unternehmensgesetzbuch – UGB"), managing directors ("Geschäftsführer / Vorstandsmitglieder") of Austrian corporations ("Kapitalgesellschaften") are obliged to file the corporation's (audited) financial statements ("Jahresabschluss und Lageberich"t, if applicable) with the competent Austrian Commercial Register ("Firmenbuch") within 9 months after the respective balance sheet date (cp. Art 277 para 1 UGB).