Creditor Protection In Private Companies

Author : Thomas Bachner
Publisher :
ISBN 13 : 9780511514401
Total Pages : 315 pages
Book Rating : 4.09/5 ( download)

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Download or read book Creditor Protection in Private Companies written by Thomas Bachner and published by . This book was released on 2009 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates mechanisms in English and German law that protect creditors against the abuse of limited liability by directors and shareholders.

Author : Thomas Bachner
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.05/5 ( download)

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Download or read book Creditor Protection in Private Companies written by Thomas Bachner and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Hasan Erdem ?i?mangil
Publisher : BWV Verlag
ISBN 13 : 3830534213
Total Pages : 463 pages
Book Rating : 4.11/5 ( download)

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Download or read book Creditor Protection in Private Equity-Backed Leveraged Buyout and Recapitalisation Practices written by Hasan Erdem ?i?mangil and published by BWV Verlag. This book was released on 2014-11-17 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity-backed leveraged buyout (LBO) and leveraged recapitalisation practices have been on the rise since the early 1970s when the LBO model was first invented. They continue to play a major role for investors for their less transparent and less bureaucratic investment models outside of capital markets, where financial regulations become tighter following the financial crisis of 2008 affecting global capital markets in a chain reaction. Private equity-backed LBOs and leveraged recapitalisations continue to be popular investment models, however they carry risks both at the target company level and on a macroeconomic level due to the interconnectedness of these investments with global capital markets for funding and refinancing of acquisition finance debts. Creditor protection mechanisms of company and insolvency law therefore play a central role in preventing or dealing with failures that may be triggered at the target company level and have detrimental effects for all creditors and the economy. Though the European legal capital system must be critically revisited, England's and Germany's already mature markets and legal systems should help in developing a better interpretation of these rules in developing economies like Turkey, consequently establishing a solid base for this investment practice in these economies.

Author : Horst Eidenmüller
Publisher : T.M.C. Asser Press
ISBN 13 : 9789067046336
Total Pages : 0 pages
Book Rating : 4.37/5 ( download)

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Download or read book The Law and Economics of Creditor Protection written by Horst Eidenmüller and published by T.M.C. Asser Press. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Thomas Bachner
Publisher : Cambridge University Press
ISBN 13 : 0521895383
Total Pages : 353 pages
Book Rating : 4.85/5 ( download)

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Download or read book Creditor Protection in Private Companies written by Thomas Bachner and published by Cambridge University Press. This book was released on 2009-04-16 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates mechanisms in English and German law that protect creditors against the abuse of limited liability by directors and shareholders.

Author : Janis Pearl Sarra
Publisher :
ISBN 13 : 9780802087546
Total Pages : 352 pages
Book Rating : 4.4X/5 ( download)

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Download or read book Creditor Rights and the Public Interest written by Janis Pearl Sarra and published by . This book was released on 2003 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Creditor Rights and the Public Interest supports the greater representation of non-traditional creditors in the process of insolvency restructuring in Canada, concentrating particularly on restructuring under the federal Companies' Creditors' Arrangement Act (CCAA). Arguing in favour of the representation of such non-traditional creditors as workers, consumers, trade suppliers, and local governments, Janis Sarra describes the existing process of addressing their interests, analyzes four case studies that focus on non-creditor groups, and compares the Canadian approach to that of several other countries, such as Germany, France, and the United States. Sarra draws on a comprehensive body of academic literature that covers a broad range of issues--insolvency theory, corporate governance theory, legislative history, and bankruptcy and insolvency practice. She further surveys the relevant legislation and supplements her analysis with insights drawn from extensive primary research of court records and personal interviews with lawyers, judges, and government officials. Creditor Rights and the Public Interest ultimately illustrates the way in which the concept of the public interest can be utilized to foreground the concerns of non-traditional stakeholders. Sarra provides a coherent account of the justification for recognizing these creditors by situating insolvency law in a legal regime that realizes a duty to maximize all of the interests and investments at stake in the corporation. In an academic field where scholarship is currently scarce, Sarra's text will be a welcome contribution.

Author : United States
Publisher :
ISBN 13 :
Total Pages : 1420 pages
Book Rating : 4.98/5 ( download)

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Download or read book United States Code written by United States and published by . This book was released on 2001 with total page 1420 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Philippe Aghion
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.45/5 ( download)

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Download or read book The Economics of Bankruptcy Reform written by Philippe Aghion and published by . This book was released on 1992 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.

Author : Daniela Matri
Publisher : Springer
ISBN 13 : 3319620363
Total Pages : 270 pages
Book Rating : 4.67/5 ( download)

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Download or read book Covenants and Third-Party Creditors written by Daniela Matri and published by Springer. This book was released on 2017-10-17 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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.