Conceptual understanding of a legal liability of directors in corporate law

Liability of directors of business entities is one of the most important issues of the corporate law. The relevance of these questions can be seen in the context of the current moment of the raised legal standards of either individual or collective responsibility of legal entities as one of the global trends of the development of the legal system in the world. These standards are based on the correlation between the legal entity and its individual rights and obligations being legally prescribed. The development of the corporate law in the world is focused on achieving a specific individualization of management rights and responsibilities of the managerial staff in business entities. According to the standards and regulations of the national legislation, the director of a business company is strictly responsible for the activities inside the scope of his legally determined rights, powers and responsibilities. The focus of the research is a theoretical definition of the concept of responsibility as a social phenomenon, on the basis of which there is a further development of the concept of the legal liability of a legal entity. The research is futher carried out in the direction of the theoretical understanding of the concept of the legal liability of directors in corporate law, respecting the different solutions of national regulations and standards.