Reconsidering the necessity and the efficacy of legal capital rules and their possible reorganisation following Brexit
Başlık çevirisi mevcut değil.
- Tez No: 517032
- Danışmanlar: Dr. ELIZABETH HOWELL
- Tez Türü: Yüksek Lisans
- Konular: Hukuk, Law
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2017
- Dil: İngilizce
- Üniversite: Unıversıty Of Cambrıdge
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Özet yok.
Özet (Çeviri)
The legal capital regime is highly controversial, both in terms of its objective to protect creditors, and its“one-size-fits-all”approach in trying to do so. The mandatory nature of these rules can also be criticised. Overall, the inability of the regime to provide little or no benefit to creditors while increasing the costs for not only the shareholders, but also risk-preferring creditors, is regarded as a strong justification for repealing the rules altogether. The EU's promulgation of the legal capital regime in the Second Company Law Directive (“Directive”) follows its trend towards greater regulation, whereas in US Corporate Law, the trend is more permissive and tends more towards deregulation. This paper critically analyses the existing legal capital regime, particularly the minimum capital requirements and the distribution rules for public companies. The paper will argue in favour of a more deregulatory approach and for greater flexibility, as was sought by the UK when the Directive was under negotiation. Flexibility and deregulation were key reasons behind the significant inflow of private limited companies from other EU member states to the UK. A similar strategy could be now used in order to exploit a market for public companies in Europe.
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