Economy

Creditor Protection in Private Companies: Anglo-German by Thomas Bachner

By Thomas Bachner

Restricted legal responsibility businesses shape the spine of our sleek economic system. even if, there's a power probability of ethical threat at the a part of administrators and shareholders, quite in heavily held or inner most businesses. like several built criminal structures, English and German legislation either supply mechanisms designed to guard collectors from such hazards. This e-book investigates a few of these mechanisms, together with the avoidance of pre-insolvency acts, capital upkeep and creditor-regarding tasks of administrators. by means of analysing different conceptual and doctrinal views inherent within the English and German structures, this e-book seeks to boost a discourse among audiences with assorted felony backgrounds. will probably be a useful advisor for these wishing to appreciate how the protecting mechanisms function and engage with one another, and the way they accomplish that in rather other ways within the jurisdictions.

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Additional info for Creditor Protection in Private Companies: Anglo-German Perspectives for a European Legal Discourse (International Corporate Law and Financial Market Regulation)

Example text

In contrast Lucian Bebchuk, ‘Federalism and the Corporation: The Desirable Limits on State i n tr o d u c t io n 5 of Centros, however, the powerful image of the ‘race for the bottom’ has been taken up in Europe, as fears about an erosion of standards of creditor protection, in particular, have been voiced – especially in Germany. 17 This appears to be attractive for some entrepreneurs, and in Centros the applicants left no doubt that their reason for choosing England as the jurisdiction of incorporation was to avoid Danish rules on minimum capital.

Anatomy of Corporate Law (2004), ch. 4. 10 c r ed ito r pr o te c t io n i n p r iv a te c omp an i e s In England, the connection between company law and corporate insolvency law has long been evident, not least in the legislative history. The ‘Insolvency Act 1986’, despite this being its official short title (s. 444 IA), does not only apply to insolvencies; it is an ‘Act to consolidate the enactments relating to company insolvency and winding up (including the winding up of companies that are not insolvent, and of unregistered companies)’.

However, in terms of its prestige, it ranks as one of the most venerable non-governmental institutions in the field of law, with a history going back to 1860, when the first convention was held in Berlin to promote legal unity between the German states (then linked only by the weak constitutional bond of the German Confederation). Today, the larger part of every convention is organised in parallel streams or ‘sections’ (Abteilungen), and one of the sections has traditionally been devoted to commercial law, including company law.

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