{"product_id":"legal-capital-in-europe-9783899493399","title":"Legal Capital in Europe","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eEurope has known very different systems of company laws for a long time. These differences do not only pertain to the board structures of public companies, where single-tier and two-tier structures can be distinguished, they also pertain to the principles of fixed legal capital. Fixed legal capital is not a traditional ingredient of English and Irish company law and had to be incorpo-rated into these legal systems (only) for public limited companies according to the Second European Company Law Directive of 1976. Both jurisdictions have never really embraced these rules. Against this background, the British Accounting Standards Board (ASB) and the Company Law Centre at the British Institute of International and Comparative Law (BIICL) have initiated and supported a study of the benefits of this legal system by a group of experts led by Jonathan Rickford. The report of this group has been published in 2004. Its result was that legal capital was costly and superfluous; hence, the Second Directive should be repealed. The British government has adopted this view and wants the European Commission to act accordingly.\u003c\/p\u003e \u003cp\u003eAgainst this background a group of German and European company law experts, academics as well as practitioners, have come together to scrutinise sense and benefits of fixed legal capital and all its specific elements guided by the following questions:\u003c\/p\u003e \u003cp\u003eWhat is the relevant legal concept supposed to achieve?\u003cbr\u003eWhat does it achieve in reality?\u003cbr\u003eWhat criticisms are there?\u003cbr\u003eWhich proposals or alternatives are available?\u003c\/p\u003e \u003cp\u003eFrom the outset the group of experts has endeavoured to cooperate with foreign colleagues, which resulted in very fruitful and pleasant exchanges.\u003c\/p\u003e \u003cp\u003eThis volume contains, besides an executive summary of the results, 16 essays on specific aspects of legal capital in Germany covering also neighbouring fields of law (e.g. accounting, insolvency);7 reports on fixed legal capital in other jurisdictions (France, Great Britain, Italy, the Netherlands, Poland, Spain and the U.S.A.) addressing the same questions as the essays on German law.\u003c\/p\u003e \u003cp\u003eThe British initiative disapproves of the Second Directive. The Directive does only deal with public limited companies in Europe, which is reflected in the analysis presented here. It is only concerned with the fixed legal capital of public limited companies, not with capital issues of private companies.\u003c\/p\u003e \u003cp\u003eThe study has arrived at a result that differs completely from that of the Rickford group. It verifies the usefulness of the concept of fixed legal capital and wishes to convince the European Commission of the benefits of the Second Company Law Directive.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cem\u003eMarcus Lutter: \u003c\/em\u003eLegal capital of public companies in Europe - Executive summary of considerations by the expert group on \"Legal Capital in Europe\".\u003c\/p\u003e \u003cp\u003e\u003cstrong\u003ePart 1: Elements of Creditor Protection\u003c\/strong\u003e\u003c\/p\u003e \u003cp\u003e \u003cem\u003eHorst Eidenmüller\/Barbara Grunewald\/Ulrich Noack: \u003c\/em\u003eMinimum Capital in the System of Legal Capital; \u003cem\u003eAndreas Pentz\/Hans-Joachim Priester\/André Schwanna: \u003c\/em\u003eRaising Cash and Contributions in Kind when forming a Company and for Capital Increases; \u003cem\u003eRüdiger Veil: \u003c\/em\u003eCapital Maintenance - The regime of the Capital Directive versus Alternative Systems;\u003cem\u003eHolger Fleischer: \u003c\/em\u003eDisguised Distributions and Capital Maintenance in European Company Law; \u003cem\u003eSusanne Kalss\/Nikolaus Adensamer\/Janine Oelkers: \u003c\/em\u003eDirector's Duties in the Vicinity of Insolvency -A comparative analysis with reports from Germany, Austria, Belgium, Denmark, England, Finland, France, Italy, the Netherlands, Norway, Spain and Sweden;\u003cem\u003eKarsten Schmidt: \u003c\/em\u003eGrounds for Insolvency and Liability for Delays in Filing for Insolvency Proceedings - Necessary Supplement to Capital Protection;\u003cem\u003eHanno Merkt\/Gerald Spindler: \u003c\/em\u003eDirect Liability of Controlling Parties (Piercing the Corporate Veil) and Related Legal Constellations;\u003cem\u003eTim Drygala: \u003c\/em\u003eDirectors Liability in the Member States of the European Union;\u003cem\u003eHeribert Hirte\/Tim Lanzius\/Sebastian Mock: \u003c\/em\u003eDirector's disqualification and creditor protection;\u003cem\u003eJens Ekkenga\/Walter Bayer: \u003c\/em\u003eFixed capital within the stock corporation law and its implication for minority and investor protection;\u003cem\u003eUlrich Huber\/Mathias Habersack: \u003c\/em\u003eSpecial Rules for Shareholder Loans (Part I): Which Consequences Would Arise For Shareholder Loans if the System of Legal Capital Should be Abolished?\u003cem\u003eChristoph G. Paulus: \u003c\/em\u003eClaw-back Rules and Creditors' Protection;\u003cem\u003eChristoph Kuhner: \u003c\/em\u003eThe Future of Creditor Protection through Capital Maintenance Rules in European Company Law; \u003cem\u003eBernhard Pellens\/Thorsten Sellhorn: \u003c\/em\u003eImproving Creditor Protection through IFRS Reporting and Solvency Tests; \u003cem\u003ePeter Mankowski: \u003c\/em\u003eDoes contract suffice to protect the creditors of a company and their interests?\u003c\/p\u003e \u003cp\u003e\u003cstrong\u003ePart 2: Single Country Reports\u003c\/strong\u003e\u003c\/p\u003e \u003cp\u003e \u003cstrong\u003eGreat Britain\u003c\/strong\u003e\u003cem\u003e\u003cstrong\u003e \u003c\/strong\u003eEva Micheler: \u003c\/em\u003eEngland;Thomas Bachner: Creditor protection through insolvency law in England;\u003cstrong\u003eFrance\u003c\/strong\u003e\u003cem\u003e\u003cstrong\u003e \u003c\/strong\u003eIsabelle Urbain-Parleani: \u003c\/em\u003eWorking Group on the Share Capital in Europe - French Answers to the Questionnaire;\u003cstrong\u003eItaly\u003c\/strong\u003e\u003cem\u003eMassimo Miola: \u003c\/em\u003eLegal Capital Rules in Italian Company Law and the EU Perspectives;\u003cstrong\u003eNetherlands \u003c\/strong\u003e\u003cem\u003eHarm-Jan de Kluiver\/Stephan F. G. Rammeloo: \u003c\/em\u003eCapital and Capital Protection in The Netherlands: A Doctrine in Flux;\u003cstrong\u003eSpain\u003c\/strong\u003e\u003cem\u003eJosé Miguel Embid Irujo: \u003c\/em\u003eCapital Protection in Spanish Company Law;\u003cstrong\u003ePoland\u003c\/strong\u003e \u003cem\u003eAndrzej Kidyba\/Stanislaw Soltysinski\/Andrzej Szumánski: \u003c\/em\u003eA Report on Selected Aspects of Legal Capital under Polish Code of Commercial Companies;\u003cstrong\u003eUSA\u003c\/strong\u003e\u003cem\u003e Richard A. Booth: \u003c\/em\u003eCapital Requirements in United States Corporation Law;\u003cem\u003eAndreas Engert: \u003c\/em\u003eLife Without Legal Capital: Lessons from American Law.\u003c\/p\u003e \u003cp\u003eIndex\u003c\/p\u003e \u003cp\u003e\u003c\/p\u003e","brand":"De Gruyter","offers":[{"title":"Default Title","offer_id":53517768458583,"sku":"9783899493399","price":206.62,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/bookcurl.com\/products\/legal-capital-in-europe-9783899493399","provider":"Book Curl","version":"1.0","type":"link"}