Civil Liability Of Company Directors And Creditor Protection In The Vicinity Of Insolvency

Author : Tetiana Bersheda Vucurovic
Publisher :
ISBN 13 : 9783725554799
Total Pages : 367 pages
Book Rating : 4.9X/5 ( download)

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Download or read book Civil Liability of Company Directors and Creditor Protection in the Vicinity of Insolvency written by Tetiana Bersheda Vucurovic and published by . This book was released on 2007 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Julia Honds
Publisher : GRIN Verlag
ISBN 13 : 363887740X
Total Pages : 61 pages
Book Rating : 4.04/5 ( download)

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Download or read book Directors' Duties in the Context of Insolvency written by Julia Honds and published by GRIN Verlag. This book was released on 2007-12 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: A, Victoria University of Wellington, course: LLM Research Paper, Master Abschlussarbeit, 59 entries in the bibliography, language: English, abstract: This essay deals with directors' duties, focusing on the duties that specially arise in the context of a company becoming insolvent. The relevant duties are those under sections 131, 135 and 136 of the Companies Act 1993. The drafting of these insolvent trading provisions in New Zealand has been criticised in the legal literature. This research paper considers not only this criticism but also deals with the more general debate about the value of insolvent trading provisions in general. Although the current drafting of the relevant provisions in New Zealand is not without minor flaws, the need for creditor protection requires the maintenance of insolvent trading provisions in general. Besides that, this essay looks at the remedies for breaches of directors' duties. The most important provision in this context is s 301 Companies Act 1993. Pursuant to this provision both the liquidator and individual creditors can enforce directors' civil liability. However, the possibilities of individual creditors to obtain payment directly to themselves are restricted. The final part of this essay considers the question whether a separate duty directly owed to individual creditors should be introduced. Although such a duty seems to have some benefits, it would not be commensurate with leading principles and ideas of Insolvency Law and should therefore not be introduced. It is the concern of this research paper to point out the many issues that arise in context of directors' duties and insolvency law and to show that it is important to strike an appropriate balance between the intended creditor protection and the entrepreneurial freedom of company directors.

Author : Andrew Keay
Publisher : Taylor & Francis
ISBN 13 : 0429561202
Total Pages : 398 pages
Book Rating : 4.07/5 ( download)

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Download or read book Company Directors' Liability and Creditor Protection written by Andrew Keay and published by Taylor & Francis. This book was released on 2023-06-23 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an analytical exposition of the law concerning directors’ liability for the losses sustained by their companies’ creditors, when the directors’ companies are in financial distress or become insolvent. It is a detailed one-stop resource for obtaining a good understanding of the law which has developed from legislation and case law. In particular, there is a detailed consideration of what needs to be proved, what defences there are, and what might be the issues of concern for all parties. A doctrinal method is adopted and there is extensive analysis of the relevant legislation and case law. Rather than merely referring to cases to support propositions, the discussion considers many of the cases in context and in depth and their relevance to the aim of the book. The book also endeavours to provide views, in a practical way, on aspects of the law and it identifies problems and how they may be addressed. Of interest to legal practitioners and insolvency practitioners alike, in addition the book will be useful to directors, government officials and academics.

Author : Andrew Keay
Publisher : Routledge
ISBN 13 : 1135390339
Total Pages : 726 pages
Book Rating : 4.34/5 ( download)

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Download or read book Company Directors' Responsibilities to Creditors written by Andrew Keay and published by Routledge. This book was released on 2007-03-12 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Tatjana Jevremovic Petrovic
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.35/5 ( download)

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Download or read book Directors' Responsibility to Creditors in Company Law written by Tatjana Jevremovic Petrovic and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with the issue of directors' responsibility as one of the main instruments of efficient creditor protection. In continental laws this responsibility can be established in tort law, based on fault. Also, UK law and most developed continental laws are also introducing special instruments of directors' liability when a company is in the vicinity of insolvency through wrongful trading or similar functional equivalent rules.Different national law systems of directors' responsibility are compared with the current regime of directors' responsibility in Serbian law. We conclude that in Serbian law there is no direct responsibility of directors to creditors, neither through Company Law rules, nor general rules of Civil Law, particularly tort responsibility. Also, Serbian Insolvency Act does not recognize wrongful trading or similar instruments by which directors could be directly responsible if the company is near or in insolvency. Although the newly adopted Company Act in Serbia does introduce one particular case of direct responsibility of directors to creditors, it is still very limited and offers neither adequate nor sufficient protection.This situation, as well as widely existing opinion of case law concerning tort responsibility to third parties only for a company is analyzed and criticised on several particular issues. In this article we urge introduction of wider rules in future legislative amendments, by which directors would be personally responsible to creditors in exceptional situations. Preferably this could be introduced by general tort responsibility or special company law rules, or through wrongful trading, either alternatively or cumulatively. This would provide more protection for creditors, which has become even more pertinent after the minimum capital requirement was abandoned and rules concerning distribution of profits relaxed in respect of limited liability companies.

Author : Andrew Keay
Publisher :
ISBN 13 : 9780429266232
Total Pages : 0 pages
Book Rating : 4.35/5 ( download)

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Download or read book Company Directors' Liability and Creditor Protection written by Andrew Keay and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an analytical exposition of the law concerning directors' liability for the losses sustained by their companies' creditors, when the directors' companies are in financial distress or become insolvent. It is a detailed one-stop resource for obtaining a good understanding of the law which has developed from legislation and case law. In particular, there is a detailed consideration of what needs to be proved, what defences there are, and what might be the issues of concern for all parties. A doctrinal method is adopted and there is extensive analysis of the relevant legislation and case law. Rather than merely referring to cases to support propositions, the discussion considers many of the cases in context and in depth and their relevance to the aim of the book. The book also endeavours to provide views, in a practical way, on aspects of the law and it identifies problems and how they may be addressed. Of interest to legal practitioners and insolvency practitioners alike, in addition the book will be useful to directors, government officials and academics.

Author :
Publisher :
ISBN 13 : 9789210557160
Total Pages : 0 pages
Book Rating : 4.66/5 ( download)

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Download or read book Uncitral Legislative Guide on Insolvency Law written by and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to part three -- General features of enterprise groups -- Addressing the insolvency of enterprise groups: Domestic issues -- Addressing the insolvency of enterprise groups: International issues -- Decision of the United Nations commission on international trade law on part three and general assembly resolution 65/24

Author : Stephen Griffin
Publisher : Wiley
ISBN 13 : 9780471977933
Total Pages : 450 pages
Book Rating : 4.34/5 ( download)

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Download or read book Personal Liability and Disqualification of Company Directors written by Stephen Griffin and published by Wiley. This book was released on 1999-07-27 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the law recognizes and vigorously defends the separate legal identity of the corporate entity, legislative provisions have been enacted to protect the interests of corporate creditors whereby in circumstances where the company's affairs have been mismanaged to the extent that the company has become insolvent, the directors themselves may: (a) be subject to liability to contribute to, or in some instances, completely discharge the debts of the company, and (b) for the protection of the public interest be subject to disqualification proceedings under the Company Director Disqualification Act 1986, which, if successful, will prevent them from participation in the future management of a company.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 9781557758200
Total Pages : 108 pages
Book Rating : 4.04/5 ( download)

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Download or read book Orderly and Effective Insolvency Procedures written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-08-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.

Author : Sebastian Mock
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110517027
Total Pages : 691 pages
Book Rating : 4.26/5 ( download)

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Download or read book International Handbook on Shareholders ́ Agreements written by Sebastian Mock and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-05-07 with total page 691 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholders ́ Agreements have a growing influence on the general understanding of corporate law since they bind not only the shareholders but also affect the constitution of the corporation and can have a severe impact on capital markets. Therefore, Shareholders ́ Agreements are more and more subject to regulation in corporate, capital market and also insolvency law on the national, the European and the international level. This handbook provides a general examination of conceptual questions of Shareholders ́ Agreements and provides an analysis of the regulation of Shareholders ́ Agreements in European and international law and of the national law of more than 20 jurisdictions. Readers will get a general understanding of the theoretical and practical problems involved with Shareholders ́ Agreements and detailed information on the regulation of Shareholders ́ Agreements in several jurisdictions and the applicable law in the case of transnational corporations and cross-border transactions.