CESSATION OF DIRECTORS; THEIR REGISTRATION AND THE TERM OF EXTINCTIVE PRESCRIPTION OF THE ACTIONS FOR LIABILITY AGAINST THEM.

Abstract

This paper deals with the regulation of the term of extinctive prescription of all the actions for liability against the directors of companies under the Spanish Corporate Enterprises Act. These actions are barred after four years of the date of their cessations. Especially, this research aims to analyze the cessation of the directors regarding the beginning of the period of prescription and the impact of its registration in the Business Registry, according to the Supreme Court's legal doctrine about the rule of legal cognoscibility.