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El. knyga: Comparative Company Law

Carsten Gerner-Beuerle (Professor of Commercial Law, University College London), Michael Anderson Schillig (Professor of Law, King's College London)

Formatas: 1088 pages
Išleidimo metai: 06-May-2019
Leidėjas: Oxford University Press
Kalba: eng
ISBN-13: 9780191059087

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Formatas: 1088 pages
Išleidimo metai: 06-May-2019
Leidėjas: Oxford University Press
Kalba: eng
ISBN-13: 9780191059087

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Comparative Company Law provides a systematic and coherent exposition of company law across jurisdictions, augmented by extracts taken from key judgments, legislation, and scholarly works. It provides an overview of the legal framework of company law in the US, the UK, Germany, and France, as well as the legislative measures adopted by the EU and the relevant case law of the Court of Justice.

The comparative analysis of legal frameworks is firmly grounded in legal history and legal and economic theory and bolstered by numerous extracts (including extracts in translation) that offer the reader an invaluable insight into how the law operates in context. The book is an essential guide to how company law cuts across borders, and how different jurisdictions shape the corporate lifespan from its formation by way of incorporation to its demise (corporate insolvency) and eventual dissolution. In addition, it offers an introduction to the nature of the corporation, the framework of EU company law, incorporation and corporate representation, agency problems in the firm, rights of stakeholders and shareholders, neutrality and defensive measures in corporate control transactions, legal capital, piercing the corporate veil, and corporate insolvency and restructuring law.

Table of Cases

Table of Legislation

xxxv

Table of Treaties and International Instruments

lxvii

List of Abbreviations

lxix

Part 1: The Business Corporation As A Legal Institution

1 Legal And Theoretical Foundations Of The Business Corporation

(82)

A Concepts and Terminology in Common Law and Civil Law

(25)

I Corporation and partnership as institutional archetypes

(18)

1 England and Wales

(4)

2 United States

(6)

3 Germany

(4)

4 France

(4)

II The essential properties of the business corporation

(3)

B Separate Legal Personality

(11)

I Meaning

(8)

II Economic rationale

(3)

C Limited Liability

(10)

I Meaning

(1)

II Economic rationale

(9)

D The Modern Corporation in Historic Perspective

(6)

E Corporate (Law) Theory: The Nature of the Corporation

(18)

F Sources of Domestic Corporate Law

(11)

I United Kingdom

(2)

II Germany

(2)

III France

(2)

IV United States

(4)

2 The Europeanization Of Corporate Law

(70)

A Laws and Law-making in the EU

(11)

I The operation of the internal market

(2)

II Nature and effect of EU law and EU legal instruments

(4)

III Overview of the law-making process

(3)

B The acquis unionaire-An Overview

(14)

I Constitutional foundations

(2)

II First wave-external liability structure

100

(3)

III Second wave-securities regulation and corporate mobility

103

(4)

IV Third wave-corporate governance in listed companies

107

(4)

C Free Movement of Companies

111

(31)

I Regulatory competition

112

(6)

II Freedom of establishment

118

(12)

1 Scope of application

118

(9)

2 Restrictions and justification

127

(3)

III EU legal infrastructure

130

(12)

1 Statute for a European company (SE)

131

(6)

2 Cross-border Merger Directive

137

(2)

3 Fourteenth Company Law Directive on Transfer of the Registered Office (Cross-border Conversions)

139

(3)

D Free Movement of Capital

142

(9)

I Golden shares

142

(2)

II Capital movements

144

(2)

III Restrictions

146

(3)

IV Justification

149

(2)

E The Future of EU Company Law Post-Brexit

151

(4)

3 Incorporation And Corporate Representation

155

(68)

A Incorporation

157

(38)

I Incorporation processes

157

(15)

1 Germany

158

(5)

2 France

163

(3)

3 United Kingdom

166

(4)

4 United States

170

(2)

II Disclosure, in particular upon formation

172

(7)

1 Media of disclosure

172

(3)

2 Items to be disclosed

175

(1)

3 Effects of (non-)disclosure

176

(3)

4 The situation in the United States

179

(1)

III Nullity

179

(5)

IV Pre-incorporation contracts

184

(11)

1 United Kingdom

185

(2)

2 Germany

187

(3)

3 France

190

(2)

4 United States

192

(3)

B Corporate Representation

195

(22)

I Ultra vires

197

(3)

II Primary rules of attribution

200

(11)

1 United Kingdom

202

(3)

2 Germany

205

(2)

3 France

207

(2)

4 United States

209

(2)

III General rules of attribution

211

(12)

1 United Kingdom

212

(2)

2 France and Germany

214

(1)

3 United States

215

(2)

C Concluding Remarks

217

(6)

Part 2: Strategies To Reduce Agency Costs Between Directors And Shareholders

4 Corporate Governance Regulation

223

(112)

A Power and Legitimacy in Business Corporations

223

(13)

I The corporation as a public institution

225

(5)

II Limits to the public-interest conception of corporate power

230

(6)

B Corporate Governance as an Economic Problem

236

(9)

I Efficiency and social welfare

237

(3)

II Agency cost theory

240

(2)

III Models of the market economy and the corporation

242

(3)

C Corporate Governance as a Regulatory Technique

245

(39)

I Domain of corporate governance regulation

245

(4)

II Goal of corporate governance regulation

249

(24)

III The corporate governance movement

273

(11)

D Corporate Actors and Patterns of Corporate Ownership

284

(15)

I Officers

285

(1)

II Directors

286

(4)

III Shareholders

290

(1)

IV Patterns of ownership

291

(8)

E Board Structure Regulation

299

(36)

I One-tier and two-tier board paradigm

303

(13)

1 UK

307

(2)

2 US

309

(2)

3 Germany

311

(2)

4 France

313

(3)

II Boards as small groups

316

(2)

III Board composition

318

(12)

1 UK

319

(2)

2 US

321

(2)

3 Germany

323

(2)

4 France

325

(2)

5 Gender diversity

327

(3)

IV Information rights

330

(5)

5 Elements Of Shareholder Democracy

335

(130)

A Origins of Corporate Power

335

(28)

I UK

336

(6)

II US

342

(9)

III Germany

351

(8)

IV France

359

(4)

B Limits of Corporate Power

363

(17)

I UK

365

(8)

II US

373

(5)

III Civil law jurisdictions

378

(2)

C Shareholder Decision-making

380

(60)

I Shareholder voting rights

384

(19)

1 One share, one vote?

384

(7)

2 Calling a general meeting and voting at meetings

391

(6)

3 Shareholder engagement and incentives

397

(6)

II Proxies

403

(25)

1 Proxy voting and proxy regulation

409

(3)

2 The US model: managers as proxy holders

412

(11)

3 The German model: banks as proxy holders

423

(5)

III Challenging shareholder decision-making

428

(12)

1 Germany: legality review

432

(5)

2 Other jurisdictions

437

(3)

D Appointment and Removal of Directors

440

(25)

I Appointment

444

(3)

II Removal

447

(7)

III Appointment and removal under co-determination

454

(11)

6 Constraints On Discretion: Part 1-Directors

465

(138)

A Introduction

465

(8)

I Managerial decision-making and legal constraints

465

(1)

II The fiduciary basis of directors' duties

466

(7)

B Duty of Care

473

(78)

I Structure of the duty of care

473

(60)

1 UK

473

(7)

2 US

480

(26)

3 Germany

506

(13)

4 France

519

(14)

II Internal control systems and excessive risk-taking

533

(18)

C Duty of Loyalty

551

(52)

I Self-dealing

552

(23)

1 UK

552

(6)

2 US

558

(7)

3 Germany

565

(4)

4 France

569

(6)

II Corporate opportunities

575

(29)

1 UK

575

(11)

2 US

586

(6)

3 Germany

592

(5)

4 France

597

(6)

7 Constraints On Discretion: Part 2-Shareholders

603

(66)

A Introduction

603

(1)

B Constraints without a Sale of Control

604

(35)

I UK

604

(15)

1 Shareholder voting and duties

604

(6)

2 Unfairly prejudicial conduct (s 994 Companies Act 2006)

610

(9)

II US

619

(6)

III Germany

625

(9)

IV France

634

(5)

C Constraints in Sale of Control Transactions

639

(30)

I Exit I: Mandatory bid/pro rata sharing

640

(8)

II Exit II: Buy-out/freeze-out and appraisal

648

(13)

III Fiduciary constraints

661

(8)

8 Enforcement

669

(54)

A Introduction

669

(1)

B Contractualization of Responsibility

670

(8)

I Authorization and ratification

670

(2)

II Indemnification and insurance

672

(2)

III Contractual modification of directors' duties

674

(4)

C Legal Action

678

(38)

I Litigation by the company

678

(3)

II Minority shareholder lawsuit

681

(45)

1 Incentive problems and the derivative action

686

(5)

2 UK

691

(8)

3 US

699

(10)

4 Germany

709

(3)

5 France

712

(2)

6 Comparative effectiveness of the minority shareholder lawsuit

714

(2)

D Substitute Mechanisms

716

(7)

Part 3: Creditors' Preferential Access To Corporate Property

9 Legal Capital

723

(90)

A Basic Elements in Historic Perspective

726

(10)

I The American experience

726

(5)

II The European experience prior to the Second Company Law Directive

731

(4)

III The Second Company Law Directive

735

(1)

B Raising of Capital

736

(25)

I European jurisdictions

736

(20)

1 Types of shares and issue process

738

(5)

2 Minimum capital requirements

743

(1)

3 Contributions in cash

744

(4)

4 Contributions in kind

748

(3)

5 The German doctrine of disguised contributions in kind

751

(5)

II United States

756

(5)

1 Consideration for shares

758

(1)

2 Protection mechanisms

759

(2)

C Capital Maintenance

761

(28)

I European jurisdictions

762

(17)

1 Declaring a dividend

763

(2)

2 Restrictions on dividends and distributions

765

(4)

3 Unlawful and disguised distributions

769

(4)

4 Acquisition by the company of its own shares

773

(4)

5 Financial assistance

777

(2)

II United States

779

(10)

1 Statutory restrictions on dividends

781

(2)

2 Unlawful distributions

783

(1)

3 Contractual dividend restrictions

784

(2)

4 Acquisition by the corporation of its own shares

786

(1)

5 Financial assistance

786

(3)

D Capital Measures

789

(15)

I European jurisdictions

790

(12)

1 'Effective' and 'nominal' increase

793

(3)

2 Pre-emptive rights

796

(4)

3 'Effective' and 'nominal' reduction

800

(2)

II United States

802

(2)

E Comparative Analysis: Efficiency and Efficacy

804

(9)

I Creditor protection

805

(2)

II Shareholder protection

807

(1)

III Overall assessment and conclusion

808

(5)

10 Veil-Piercing

813

(76)

A Insider Opportunism and Veil-piercing

814

(2)

B United States

816

(18)

I Piercing the corporate veil

817

(12)

1 Control

820

(2)

2 Wrongful or unjust act

822

(7)

II Enterprise liability

829

(5)

C Germany

834

(19)

I The law of corporate groups (Konzernrecht)

835

(7)

1 Enterprise agreements

838

(2)

2 De facto groups

840

(2)

II Piercing the corporate veil

842

(11)

1 Liability for causing the company's insolvency-Existenzvernichtender Eingriff

843

(8)

2 Amalgamation of assets

851

(2)

D England and Wales

853

(20)

I 'Piercing/lifting the corporate veil' at common law

853

(8)

II Statutory liability under Insolvency Act 1986

861

(7)

III Liability based on tort law

868

(5)

E France

873

(11)

I Civil liability under company law legislation

873

(3)

II Civil liability based on insolvency legislation

876

(5)

III Identity of company and shareholders: societe fictive and confusion de patrimoines

881

(3)

F Concluding Remarks

884

(5)

11 Corporate Insolvency

889

(98)

A Ending the Corporate Existence

890

(12)

I Grounds for (solvent) dissolution

891

(5)

II (Solvent) liquidation processes

896

(4)

III Termination and resurrection

900

(2)

B The Special Case of Insolvency

902

(21)

I Overview

906

(1)

II England and Wales

907

(6)

1 Cash flow test or commercial insolvency test

908

(2)

2 Balance sheet insolvency

910

(3)

III Germany

913

(4)

1 Cash flow insolvency and prospective cash flow insolvency

914

(1)

2 Balance sheet insolvency

915

(2)

IV United States

917

(3)

1 'Equitable (in)solvency' (cash flow insolvency) and 'unreasonably small capital'

918

(1)

2 'Legal insolvency' (balance sheet insolvency)

918

(2)

V France

920

(3)

1 Cash flow insolvency

921

(1)

2 Pre-insolvency procedures

921

(2)

C Transition Regimes

923

(7)

I Affirmative incentives

925

(2)

II Liability incentives

927

(3)

D From a Tragedy of the Commons to a Tragedy of the Anti-commons

930

(4)

E Menu of Insolvency Options

934

(51)

I Menu choice

935

(11)

II Collective restructuring procedures and 'privatization' options

946

(26)

1 United States:
Chapter 11 and §363 sales

948

(6)

2 England and Wales: (Pre-pack) administration, CVA, scheme of arrangement, reform proposals

954

(7)

3 France: court-assisted and in-court recovery and reorganization proceedings

961

(5)

4 Germany: standard procedure, self-administration, and insolvency plan

966

(6)

III Group restructuring

972

(5)

1 Domestic solutions

973

(2)

2 International solutions, in particular under the 2015 EUIR

975

(2)

IV Insolvent liquidation

977

(8)

1 Insolvent liquidation processes

978

(2)

2 Statutory orders of priority

980

(5)

F Conclusion

985

(2)

Appendix: Competences and Decision-Making of the General Meeting

987

(8)

Index

995

Carsten Gerner-Beuerle is Professor of Commercial Law at University College London. He read law and economics at Humboldt University Berlin, the University of Minnesota, and the University of London. From 2004 to 2009 he was a lecturer at King's College London, and from 2009 to 2017 he held appointments at the London School of Economics and Political Science. He is admitted to the bar in Germany and practises as a registered European lawyer in England and Wales. He advises on matters of international corporate, insolvency, and capital markets law.

Michael Anderson Schillig is a Professor of Law at King's College London. He read law at the University of Erlangen-Nuremberg, King's College London, and Humboldt University Berlin. From 2004 to 2007 he was a lecturer at the University of Sheffield, and from 2007 to 2017 he held appointments in international commercial and financial law at King's College London. He is admitted to the bar in Germany and practises as a registered European lawyer in England and Wales. He advises on matters of international corporate, insolvency, and capital markets law.

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El. knyga: Comparative Company Law

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