In the US the use of economics has had a dramatic influence on the study of corporate law. This book is the first in the UK to use economics to discuss company law issues. Company Law: Theory, Structure and Operation addresses a series of important questions which have not been analysed in detail elsewhere
Corporate Finance is an area of law which is obviously of significant practical importance, but the academic analysis of this area of law has also been increasingly recognised. This book provides a discussion of the most interesting theoretical and policy issues in Corporate Finance law. This book covers both the equity and debt sides of Corporate Finance law, and seeks, where possible, to compare the two, considering the desirability of each in various circumstances and pointing to areas of convergence and overlap. The topics covered in this book include: an overview of the financing options available to companies; the relationship between debt and equity; legal capital; contractual protection for creditors; proprietary protection for creditors; single and multiple lenders; transferred debt; public offers of shares; the ongoing regulation of the capital market; the regulation of debt; takeovers; schemes of arrangement and private equity. Each chapter analyses the issues so as to enable the reader to understand the difficulties, risks and tensions inherent in this area of law, and the attempts made by the legislature and the courts, as well as the parties involved, to deal with them. This book discusses areas where the law is uncertain, including some difficult conceptual problems, and considers the present law critically, including options for possible reform. This book will be of interest to practitioners, academics and students engaged in the practice and study of corporate finance law.
This essential Q&A study and revision guide contains a variety of model answers and plans to give you the confidence to tackle any essay or problem question, and give you the skills you need to excel in law exams and coursework assignments.
English summary: The quest for adequate creditor protection rules applicable to an English private limited company established in Germany in conformity with EU law has not come to an end yet. By focusing on Directors' Duty for the Benefit of Creditors, the work looks at an English creditor protection measure which has not received much attention neither in Germany nor in England so far. The English case law is systematised and examined in detail in order to assess the relevance of this fiduciary duty for the protection of creditors in Germany. Consideration is given to economic and comparative analysis as well as to the question how the Duty for the Benefit of Creditors in Germany will be applied in German legal practice. It is suggested that the Duty for the Benefit of Creditors is potentially the most important instrument for the protection of creditors of an Englisch private limited company established in Germany. german description: Wie kann man Glaubiger einer in Deutschland niedergelassenen englischen Limited angemessen und europarechtskonform schutzen? Von einer abschliessenden Klarung ist diese Frage weit entfernt. Mit der Directors' Duty for the Benefit of Creditors nimmt Sebastian von Thunen hier ein in Deutschland wie auch in England bislang wenig beachtetes richterrechtliches Glaubigerschutzinstrument des englischen Rechts in den Blick. Das einschlagige englische Fallmaterial wird systematisiert und detailliert daraufhin untersucht, welche Rolle diese Geschaftsleiterpflicht hierzulande fur den Glaubigerschutz spielen kann. Dabei finden rechtsokonomische und rechtsvergleichende Uberlegungen ebenso Eingang wie die Frage, wie sich die Anwendung der Duty for the Benefit of Creditors in Deutschland praktisch darstellt. Es stellt sich heraus, dass sie das Potenzial hat, die bedeutendste Regelung zum Schutz der Glaubiger einer englischen Limited mit Verwaltungssitz in Deutschland zu werden.
Aktien- und Übernahmerecht, Rechtsvergleich und europäischer Rahmen
Author: Florian Möslein
Publisher: Walter de Gruyter
The search for the limits of entrepreneurial power involves an age-old core question of stock corporation law and at the same time a modern central subject in the corporate governance discussion. In general, the limits of entrepreneurial power to direct in open-market associations can only be determined logically in the interplay of rules governing stock corporations and takeovers and function mechanisms. The special feature of the present work is found in the interlinking examination of market and organization law.
Der Großkommentar zum AktG bietet die umfassendste und vollständigste Darstellung des geltenden Aktienrechts, die in deutscher Sprache erhältlich ist. Sein hohes Ansehen beruht vor allem auf einer wissenschaftlich fundierten und zugleich praxisorientierten Kommentierung, was nicht zuletzt dadurch gewährleistet wird, dass auch für die 4. Auflage hervorragende und namhafte Herausgeber und Autoren aus Praxis und Wissenschaft gewonnen werden konnten. Die Kommentierung verfolgt nicht nur das Ziel, gleichzeitig den Ansprüchen der Wissenschaft, den breit gefächerten Bedürfnissen der Praxis und den besonderen Wünschen der Gerichte an Informationen und kritischer Aufbereitung zu entsprechen. Der Benutzer soll auch zu abgelegenen Spezialfragen fündig werden, die in keinem anderen Werk behandelt werden. Auch wird der Blick durchweg auf Europa gerichtet, denn die Einflüsse der Europäischen Union auf das Aktien- und Kapitalmarktrecht sind immer häufiger spürbar und werden künftig noch deutlich zunehmen. Diese Zielsetzungen bedingen es, dass die Kommentierung nicht durchgehend auf einem Stand ist. Solange die 4. Auflage noch nicht ganz abgeschlossen ist, bietet der Verlag den Nutzern deshalb als besonderen Dienst die Möglichkeit, ein vorläufiges, jeweils alle schon erschienen Lieferungen umfassendes GESAMTREGISTER an dieser Stelle abzufragen und herunterzuladen. So ist es möglich, den gesamten Bestand des Großkommentars schnell und einfach zu erschließen.
An Inaugural Lecture given in the University of Cambridge October 2003
Author: Brian R. Cheffins
Publisher: Cambridge University Press
Professor Cheffins' lecture offers a path-breaking examination of potential trajectories for legal scholarship. Considerable attention is devoted to academic writing on law, but little has been said about the process by which the relevant literature evolves. This lecture focuses directly on the evolution of legal scholarship. It identifies five potential trajectories, revolving around concepts such as 'progress', 'paradigms', the marketplace for ideas, intellectual cycles, and fads and fashions. Professor Cheffins offers a summary of each trajectory and then tests the propositions he has advanced by means of a case study dealing with corporate law. He argues that scholarly trends in law develop in a manner that is at least partially consistent with each of the trajectories he identifies, but acknowledges that none captures fully the dynamics at work.
Theoretical writing on the company and company law has been dominated in recent years by economics. This collection of essays by a distinguished team of authors drawn from a variety of disciplines seeks to build on the insights of this economic analysis and broaden understanding by examining the company in a wider historical,legal, political, and sociological context. Issues discussed include the attitudes of political parties in the UK to the company, the rise of the non-executive director, institutional activism and stakeholder protection, and the evolution of the nexus of contracts theory of the company. There is also a strong comparative theme, with discussions of the political and sociological context of corporate governance in France, Germany, and Japan, together with developments at the European level.
Gregor Bachmann,Horst Eidenmüller,Andreas Engert,Holger Fleischer,Wolfgang Schön
Author: Gregor Bachmann,Horst Eidenmüller,Andreas Engert,Holger Fleischer,Wolfgang Schön
Publisher: Walter de Gruyter
Die geschlossene Kapitalgesellschaft stellt rund um den Globus die volkswirtschaftlich wichtigste Organisationsform dar. Gleichwohl kommt sie im internationalen rechtswissenschaftlichen Diskurs häufig zu kurz; ein US-amerikanischer Kollege hat sie deshalb einmal pointiert als "Waisenkind des Gesellschaftsrechts" (orphan of corporate law) bezeichnet. Vor diesem Hintergrund ist es ein lohnendes Unterfangen, die länderübergreifenden Konfliktlinien der close corporation herauszuarbeiten. Eine fünfköpfige Gruppe von deutschen Wissenschaftlern hat nun den Versuch unternommen, diese Forschungslücke zu schließen und "Prinzipien der geschlossenen Kapitalgesellschaft" in Europa ohne Rücksicht auf bestehende Gesetze oder Gesetzesvorhaben zu entwickeln. Die Untersuchung orientiert sich systematisch an den typischen Konfliktfeldern in einer geschlossenen Kapitalgesellschaft. Sie greift in hohem Maße auf rechtsvergleichende Erfahrungen und rechtsökonomische Erkenntnisse zurück und wirft immer wieder auch einen Seitenblick auf die im Entstehen begriffene Europäische Privatgesellschaft.
Developing a Community Law of Corporations : Collected Papers from the Leiden University Unilever Programme, 2002
Author: Jonathan Rickford
Publisher: Intersentia nv
The European Company (SE) is a new form of public company, which enters the law of all EU states in October 2004. It is supra-national, with features in the fields of cross-frontier restructuring, board structure and corporate governance, employee involvement and participation which are novel and unique and will be uniformly available throughout Europe. Yet it also presents an optional and flexible character, allowing great variation both in national characteristics, according to where companies are founded, and new and potentially valuable options to businesses to adjust their organisations to the needs of modern transnational markets. This book will be of great interest to all those concerned with the theory and practice of international business law: students, theorists and experienced practitioners, offering valuable insights into the developing process of European integration and diversification. It contains papers on all these aspects by leading thinkers in the field, who came together under the aegis of the Leiden University/Unilever programme in 2002. Professor Paul Davies, Cassel Professor at the London School of Economics, writes on employee involvement, Professor Garrido Garcia, General Counsel to the Spanish Securities and Exchange Commission, on European Company Law and the Capital Markets, Professor Klaus Hopt, Director of the Max Planck Institute, on board structure and corporate governance, Professor Jaap Winter of the University of Rotterdam and Chairman of the European Commissions High Level Group on Company Law, on the significance of the European Company as a model for the future, and Professor Eddy Wymeersch of the University of Ghent, on the fast developing law on freedom of movement and international transfer of management. There are also important contributions from Pieter Sanders, Professor Emeritus of the University of Rotterdam, who introduced the SE concept some 45 years ago, and Commissioner Frits Bolkestein, who has responsibility for company law and corporate governance within the European Commission. The collection is edited by Professor Jonathan Rickford, Project Director of the British review of company law and director of the Company Law Centre at the British Institute for International and Comparative Law in London. He led the Leiden/Unilever programme and provides papers on the overall concept and its likely practical applications. This publication is part of the Meijers series published under the auspices of the E.M. Meijers Institute of Legal Studies, Faculty of Law, Leiden University, where in 2002 Professor Jonathan Rickford held the Unilever Chair of European Company Law.
A Comparative Study with Particular Reference to Large Companies
Author: Hans C. Hirt
Publisher: Peter Lang
Category: Business & Economics
The power to control litigation in the company's name is normally vested in the board of directors. This gives rise to a conflict of interest whenever some or all of the directors breach their duties. In such a situation, the board's decision whether or not to litigate is potentially tainted because the wrongdoers are part of the decision-making process. The board as a whole is therefore an unsuitable decision-making body and the following question arises: who should decide whether it is in the company's interest to initiate litigation against the alleged wrongdoers? There are a number of different persons and bodies in which the decision-making power could be vested. The British approach is the reversion of management power to the shareholders in general meeting and, in certain restricted situations, the availability of the derivative action brought by a shareholder on behalf of the company. Both mechanisms give rise to significant difficulties. This book begins by explaining the board's conflict of interest, sets out a theoretical framework of legal strategies that cover the whole range of approaches to deal with it and analyses their strengths and weaknesses. The analysis consists of an assessment and comparison of four models of the enforcement of directors' duties, which are based on the current law and reform proposals in Britain and Germany. Particular reference is made to recent case law and its practical implications.
This book studies takeovers from the acquirer's perspective. More precisely the book focuses on the legal and regulatory treatment of the risks faced by the acquiring company shareholders in takeovers. The identified risks are categorised into two main groups: first, risks generated by managerial choices and second, regulatory or external risks. The analysis considers the legal context but also draws on the economic literature, seeking to map the area under consideration and to suggest measures to improve the present position from both a law and economics perspective. More specifically, the book examines various methods of protecting the acquiring shareholders against value-decreasing or self-interested acquisitions, such as the class transaction rules, fiduciary duties, the acquiring directors' responsibilities under the Takeover Code, the court scheme procedure, the role of institutional shareholders and reward strategies, and methods of making the acquiring directors more exposed to the discipline of the market. The effects of the choice of the medium of payment are also covered. In addition, it covers the Code's position with regard to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or white Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. In addition, it covers the Code's position with regards to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or White Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. The analysis covers both hostile and friendly situations. In relation to hostile takeovers, the legal and regulatory framework of toehold strategies is analysed (Code's requirements, Disclosure Rules and Companies Act disclosure requirements etc). Market Abuse issues in relation to stake building are also highlighted. In relation to friendly takeovers the operation of lock-up agreements and break fees (Code's requirements, fiduciary law, financial assistance and other contract law concerns), is also explored. Finally, the Panel's position on adverse changes, pre-conditions and conditions which the offer can be subject to and the bidder's exposure to Material Adverse Change risk are assessed. The book discusses developments in the area under consideration including the Takeover Code regime after the implementation of the Takeover Directive and the Companies Act 2006.
This study on the potential of law to ensure the social responsibility of a company is an innovative and important study. It is a topical contribution to the sociology of market economies in transition. It is a unique effort to provide detailed practical guidance for the design of the company law in developing economies in general and the new Europe in particular. Christian Joerges, European University Institute Florence, Italy This book provides comprehensive analysis of the recent enlargement of the EU, shedding light on the rationale behind the EU s decisions to enlarge, examining the side effects these choices have on a range of EU policies and particularly on the effect of the Acquis on candidate countries. Emphasis is placed on the area of company law, which occupies a central part in a country s economic planning and therefore its commercial law. Past enlargements are thoroughly explained and the potential impact of the new political landscape in Europe in the wake of the popular rejection of the European Constitutional Treaty on future enlargements is evaluated. A comparative methodology for commercial law drafting in transition and developing economies is put forward and the book concludes with a complete draft of a model company law for transition (and developing) economies. The aim is to provide a template for discussion. This book will be of great interest to those interested in considering the influence that the prospect of EU membership has on transition countries in general, the emphasis being on laws vital to emerging market economies, particularly commercial and company law.