The Law And Economics Of Creditor Protection
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The Law And Economics Of Creditor Protection
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Author : Horst Eidenmüller
language : en
Publisher: T.M.C. Asser Press
Release Date : 2008
The Law And Economics Of Creditor Protection written by Horst Eidenmüller and has been published by T.M.C. Asser Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Law categories.
This book presents important contributions to the current debate on creditor protection in European company law. Reform of the European rules on creditor protection in company law is imminent. Academic work on both sides of the Atlantic shows a tendency that traditional mandatory rules should give way to individual solutions which are freely negotiated between creditors and corporate debtors. Recent judgments by the European Court of Justice have spurred regulatory competition between Member States and the incumbent system is being challenged by the Europe-wide introduction of the International Accounting Standards/International Financial Reporting Standards. Last but not least, the European Insolvency Regulation poses the question how company law and insolvency law shall be realigned in the future. Contributors to this book, which is based on the results of a symposium held in Munich in December 2005, include scholars who are currently working on reform projects in various Member States, leading experts in company law, insolvency law, accounting law, and economics. The manifold thoughts presented by these outstanding authors provide the reader with important insights and will not fail to inform and influence the current policy debate. As such, the book is an indispensable tool for all players in the field. Prof. Dr. Horst Eidenmüller is Professor of Private Law, German, European and International Company Law and Director of the Institute for International Law, Ludwig Maximilian University, Munich, Germany.Prof. Dr. Wolfgang Schön is Director of the Max Planck Institute for Intellectual Property, Competition and Tax Law, Department of Accounting and Taxation, in Munich and Honorary Professor at the Ludwig Maximilian University, Munich, Germany.
Covenants And Third Party Creditors
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Author : Daniela Matri
language : en
Publisher: Springer
Release Date : 2017-10-17
Covenants And Third Party Creditors written by Daniela Matri and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-17 with Law categories.
This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate is that negative effects on third-party creditors predominate because banks act in their own self-interest. After systematising the debated potential positive and negative externalities of covenants, the book empirically examines these externalities: It investigates the banks’ factual conduct and its effects on third-party creditors in Germany and the US. The study’s most significant outcome is that it disproves the assumption that banks disregard third-party creditors’ interests. These findings are then interpreted with the tools of economic analysis; particularly, with the concept of common pool resources (CPRs). Around the aggregated value of the debtor company’s asset pool (as CPR) exists an n-person prisoner’s dilemma between banks and third-party creditors: No creditor knows when and under what conditions the other creditor will appropriate funds from the debtor company’s asset pool. This coordination problem is traditionally addressed by means of bankruptcy law and collaterals. However, the incentive structure that surrounds the bilateral private governance system created by covenants and an event of default clause (a CPR private governance system) is found to also be capable of tackling this problem. Moreover, the interaction between the different regulation spheres – bankruptcy law, collateral and the CPR private governance system − has important implications for both the aforementioned discussions as well as the legal treatment of covenants and event of default clauses. Covenants alone cannot be seen as an alternative to institutional regulation; the complete CPR private governance system and its interaction with institutional regulation must also be taken into consideration. In addition, their function must first find more acceptance and respect in the legal treatment of covenants and event of default clauses: The CPR private governance system fills a gap in the regulation of the tragedy of the commons by bankruptcy law and collateral. This has particularly important implications for the German § 138 BGB, § 826 BGB and ad hoc duties to disclose insider information.
Law And Development
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Author : Frank H. Stephen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-01-26
Law And Development written by Frank H. Stephen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-26 with Business & Economics categories.
This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.
Creditor Protection In Private Companies
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Author : Thomas Bachner
language : en
Publisher: Cambridge University Press
Release Date : 2009-04-16
Creditor Protection In Private Companies written by Thomas Bachner and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-16 with Business & Economics categories.
Investigates mechanisms in English and German law that protect creditors against the abuse of limited liability by directors and shareholders.
The Law And Economics Of Corporate Governance
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Author : Alessio M. Pacces
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01
The Law And Economics Of Corporate Governance written by Alessio M. Pacces and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Law categories.
In this timely book, the law and economics of corporate governance is approached from a range of angles. This study reveals that perspectives are changing: they differ between the economic and the legal standpoint; they vary across countries; they evolve over time. A group of leading scholars offer their views some provide fresh empirical evidence on existing theories and others attempt to develop new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated. Economic analysis of law proves to be the common language for understanding corporate governance on both sides of the Atlantic. The law and economics approach is applied to topical issues in the international debate, such as the harmonization of company laws; regulatory competition; determinants of separation of ownership and control; enforcement of investor protection; and the political economy of corporate governance.
The Common Frame Of Reference A View From Law Economics
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Author : Gerhard Wagner
language : en
Publisher: Walter de Gruyter
Release Date : 2009-08-17
The Common Frame Of Reference A View From Law Economics written by Gerhard Wagner and has been published by Walter de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-17 with Law categories.
Since its publication in early 2008, the DCFR has triggered an intensive discussion throughout Europe. The contributions combined in the present volume stand out as they add a Law & Economics perspective to the ongoing debate. A workshop held at the Law and Economics Faculty of the University of Bonn in November 2008 aimed at stimulating the debate on the economic implications of the principles and rules enshrined in the DCFR. An essential part of the papers presented at the Bonn workshop are now being published. The topics addressed range from general issues such as the policies of anti-discrimination and consumer protection to analyses of specific legal areas, like the law of remedies, the law of service contracts and the law of torts or delict.
Legal Traditions Legal Reforms And Economic Performance
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Author : Daniel Oto-Peralías
language : en
Publisher: Springer
Release Date : 2017-10-04
Legal Traditions Legal Reforms And Economic Performance written by Daniel Oto-Peralías and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-04 with Law categories.
This book investigates whether legal reforms intended to create a market-friendly regulatory business environment have a positive impact on economic and financial outcomes. After conducting a critical review of the legal origins literature, the authors first analyze the evolution of legal rules and regulations during the last decade (2006-2014). For that purpose, the book uses legal/regulatory indicators from the World Bank's Doing Business Project (2015). The findings indicate that countries have actively reformed their legal systems during this period, particularly French civil law countries. A process of convergence in the evolution of legal rules and regulations is observed: countries starting in 2006 in a lower position have improved more than countries with better initial scores. Also, French civil law countries have reformed their legal systems to a larger extent than common law countries and, consequently, have improved more in the majority of the Doing Business indicators used. Second, the authors estimate fixed-effects panel regressions to analyze the relationship between changes in legal rules and regulations and changes in the real economy. The findings point to a lack of systematic effects of legal rules and regulations on economic and financial outcomes. This result stands in contrast to the widespread belief that reforms aiming to strengthen investor and creditor rights (and other market-friendly policies) systematically lead to better economic and financial outcomes.
Company Directors Responsibilities To Creditors
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Author : Andrew Keay
language : en
Publisher: Routledge
Release Date : 2007-03-12
Company Directors Responsibilities To Creditors written by Andrew Keay and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-12 with Law categories.
This timely work is the first to comprehensively examine directors' responsibilities to creditors in times of financial strife, as well as addressing when these responsibilities arise, and what directors should have to do to ensure that they comply with their obligations. Keay explores the relevant issues from doctrinal, normative and comparative perspectives and addresses the question as to when directors are liable for wrongful trading, fraudulent trading or breach of their duties to creditors and whether directors should be held responsible for the before mentioned. Besides the relevant UK legislation and case law, legislation and case law from Australia, Canada, Ireland and the United States are examined and compared and reforms which take into account the aims and rationale of the relevant legislation as well as creditors' interests are proposed and assessed. Importantly, new approaches for courts which would make the nature of the responsibility and its timing more precise are suggested. Company directors have certain responsibilities to creditors of their companies. In particular, they should avoid fraudulent and wrongful trading and consider, as part of their duties, the interests of creditors when their companies might be, or are, in financial difficulty. The work is precipitated by the lack of coherence in the consideration of wrongful trading and the recent delivery of important cases on fraudulent trading. Also, this timely work is the first to comprehensively examine directors' responsibilities to creditors in times of financial strife, as well as addressing when these responsibilities arise, and what directors should have to do to ensure that they comply with their obligations. Keay explores the relevant issues from doctrinal, normative and comparative perspectives and seeks to address the question as to when directors are liable for wrongful trading, fraudulent trading or breach of their duties to creditors and whether directors should be held responsible for wrongful trading and failing to consider the interests of creditors. Besides the relevant UK legislation and case law, legislation and case law from Australia, Canada, Ireland and the United States are examined and compared, and reforms which take into account the aims and rationale of the relevant legislation as well as creditors' interests are proposed and assessed. Importantly, new approaches for courts which would make the nature of the responsibility and its timing more precise are suggested.
Secured Transactions Reform And Access To Credit
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Author : Frederique Dahan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Secured Transactions Reform And Access To Credit written by Frederique Dahan and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Law categories.
The book is unique. . . It brings together articles on the economics and the law of property rights, and combines these with case studies, observations of what works and what does not, and a checklist of things to watch for. . . This is a very useful book that should appeal to reformers working in the field, whether they are governmental officials trying to modernize their economies, or economists and lawyers working in developmental agencies. . . There are few other books or publications that bring together the views of experts working in this important, albeit somewhat neglected, are of financial sector plumbing. William P. Armstrong, Banking and Finance Law Review . . . a well-presented collection of interesting papers within which one finds a rich resource of information and perspectives on secured transactions reform from parts of the world which are often overlooked in comparative commercial law scholarship. Noel McGrath, Journal of Business Law . . . with its insightful analysis, interesting empirical studies and knowledgeable team of contributors, the book will be illuminating and useful not just for those interested in development, but also anyone who has anything to do with granting credit and taking security. Dora S. Neo, Singapore Journal of Legal Studies This is an excellent, unique book. The material is very well written and presented in a carefully thought-out, coherent way. It tells us a legal story of our own, unique time. Any lawyer working in transition economies, whether or not directly on reform projects, would find it of great interest. Even economists should perhaps take a look at it! Roger McCormick, Law and Financial Markets Review Secured transactions reform, also known as collateral or pledge law reform, is increasingly seen as an important building block for economic development. The commonly held view is that the availability and cost of credit, as well as the efficiency of the market for secured credit, are directly influenced by the laws affecting secured transactions and their implementation. However, there is still a lot of confusion about this relatively complex and technical area of the law and its role in promoting access to credit and economic growth. The chapters presented here provide, for the first time, a comprehensive and cutting-edge view of the subject from both a legal and economic perspective. They start at the macro level of financial systems, moving towards the behaviours of lenders (commercial banks and micro-lenders), policy options for government and the mechanisms of collateral law reform. By approaching the subject from different angles and experiences, the work advocates an inclusive approach to the subject where all stakeholders interests can be taken into account. It addresses the question of what role laws and institutions can play to encourage access to credit. This book will be of primary interest to those involved in economic development and the interaction between law and economics, either for practical reasons (for example, working on reform or providing advice on investment in transition economies) or for research purposes.
Research Handbook On Corporate Bankruptcy Law
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Author : Barry E. Adler
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-06-26
Research Handbook On Corporate Bankruptcy Law written by Barry E. Adler and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-26 with Law categories.
In this Research Handbook, today’s leading experts on the law and economics of corporate bankruptcy address fundamental issues such as the efficiency of bankruptcy, the role and treatment of creditors – particularly secured creditors – in the bankruptcy process, the allocation of going-concern surplus among claimants, the desirability of liquidation in the absence of such surplus, the role of contract in bankruptcy resolution, the role of derivatives in the bankruptcy process, the costs of the bankruptcy system, and the special case of financial institutions, among other topics.