The Law and Economics of Creditor Protection
T.M.C. Asser Press (Verlag)
978-90-6704-263-5 (ISBN)
Academic work on both sides of the Atlantic suggests that traditional mandatory rules should give way to individual solutions which are freely negotiated between creditors and corporate debtors. Moreover, recent judgments of the European Court of Justice have spurred regulatory competition between Member States. The incumbent system is also being challenged by the Europe-wide introduction of the International Accounting Standards/International Financial Reporting Standards, and the European Insolvency Regulation is questioning how company law and insolvency law shall be realigned in the future. Reform of the European rules on creditor protection in company law is therefore imminent. This book presents important contributions to the current debate on creditor protection in European company law, based on a symposium held in Munich in December 2005. Contributors include scholars who are currently working on reform projects in various Member States and leading experts in company law, insolvency law, accounting law, and economics.
Prof Dr Wolfgang Sch�n is Director of the Max Planck Institute for Intellectual Property, Competition and Tax Law and an Honorary Professor at the Ludwig-Maximilians-Universit�t, Munich. Prof Dr Horst Eidenm�ller is Professor of Law at the Institute for International Law, Ludwig-Maximilians-Universit�t, Munich.
Introduction Wolfgang Schön and Horst Eidenmüller; Part I. The Case for Regulation: 1. Legal capital: an outdated concept? John Armour; 2. Comment: legal capital: a navigation system for corporate law scholarship Holger Fleischer; 3. Bond covenants and creditor protection: economics and law, theory and practice, substance and process William W. Bratton; 4. Comment: the economics of covenants as a means of efficient creditor protection Klaus M. Schmidt; 5. Creditor protection through mandatory disclosure Hanno Merkt; 6. Comment: codetermination as a (partial) substitute for mandatory disclosure?: a comment Gérard Hertig; 7. Discussion report Clemens Philipp Schindler; Part II. Legal Approaches to Restricting Distributions to Shareholders: 8. Legal approaches to restricting distributions to shareholders: balance sheet tests and solvency tests Jonathan Rickford; 9. Comment: balance sheet test or solvency test - or both? Wolfgang Schön; 10. Legal approaches to restricting distributions to shareholders: the role of fraudulent transfer law Douglas G. Baird; 11. Comment: distribution to shareholders and fraudulent transfer law Gerhard Wagner; 12. Discussion report Christian Kersting; 13. Trading in times of crisis: formal insolvency proceedings, workouts, and the incentives for shareholders/managers Horst Eidenmüller; 14. Recharacterization and the non-hindrance of creditors David A. Skeel Jr. and Georg Krause-Vilmar; 15. Comment: equitable subordination of shareholder loans? Andreas Cahn; 16. Directors' creditor-regarding duties in respect of trading decisions taken in the vicinity of insolvency Paul Davies; 17. Comment: trading in the vicinity of insolvency Gerald Spindler; 18. Discussion report Andreas Engert; Part III. Towards a General Framework: 19. A synthetic view of different concepts of creditor protection - or: a high-level framework for corporate creditor Protection Peter O. Mülbert; 20. Comment: different policies for corporate creditor Protection Francesco Denozza; 21. Regulatory competition in European Company Law and creditor protection Luca Enriques and Martin Gelter; 22. Comment: creditor protection in a cross-border context Joseph A. Mccahery; 23. Discussion report Wolfgang Servatius; 24. Concluding remarks on creditor protection Reinier Kraakman.
| Erscheint lt. Verlag | 1.5.2008 |
|---|---|
| Verlagsort | The Hague |
| Sprache | englisch |
| Maße | 160 x 245 mm |
| Gewicht | 960 g |
| Themenwelt | Recht / Steuern ► Allgemeines / Lexika |
| Recht / Steuern ► EU / Internationales Recht | |
| Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht | |
| Recht / Steuern ► Wirtschaftsrecht ► Handelsrecht | |
| Wirtschaft ► Volkswirtschaftslehre | |
| Schlagworte | Commercial Law • Company Law • European Law • Insolvency law |
| ISBN-10 | 90-6704-263-3 / 9067042633 |
| ISBN-13 | 978-90-6704-263-5 / 9789067042635 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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