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Company Directors Responsibilities To Creditors

Author : Andrew Keay
ISBN : 9781135390334
Genre : Law
File Size : 22. 73 MB
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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.

Company Directors Responsibilities To Creditors

Author : Andrew Keay
ISBN : 9781135390341
Genre : Law
File Size : 85. 78 MB
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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.

Should Not Directors Be Responsible To Creditors In A Company?

Author : Ernest Muchu Toh
ISBN : 3846589209
Genre :
File Size : 52. 31 MB
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Companies, society and individuals' dreams have been shattered as a result of directors' reckless acts. In an effort, to avoid such situations, there is total failure to add another fundamental aspect which is "directors' responsibilities to creditors of the company" they direct. Many a judge, lawyers and practitioners have least thought of this as a serious factor. They are blinded by the principles that directors are directly responsible to their employer company and that their acts are protected by the company. Even in those circumstances where the veil of incorporation is lifted, to expose directors for "ultra vires" acts in the company, nothing or little is done to involve the creditors' interest who provide the capital. Creditors' interest have been relegated to insolvency. This book sets to illustrate to investors, businessmen, judges, lawyers and practitioners, policymakers and students that for companies/establishments to stay healthy in business, managing directors must be responsible to creditors whose interests need to be protected like those of other stakeholders in the company. South Africa and OHADA region are used for illustration.

Directors Duties In The Context Of Insolvency

Author : Julia Honds
ISBN : 9783638877350
Genre : Law
File Size : 55. 63 MB
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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.

Principles Of Contemporary Corporate Governance

Author : Jean Jacques du Plessis
ISBN : 9781139493857
Genre : Business & Economics
File Size : 68. 19 MB
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Principles of Contemporary Corporate Governance, Second Edition, provides a concise presentation of vital topics and emerging themes in corporate governance within the private sector, while maintaining the key elements of the successful first edition. This definitive book not only exposes the fundamental principles of corporate governance, it builds upon them by illustrating how they are applied. It includes several prominent case studies, and directors' duties and liability are illustrated by drawing on the most recent Australian court cases. Although grounded in Australian corporate governance, the book will appeal to practitioners and students of law and business management internationally. Principles of corporate governance are explicated for readers in all jurisdictions, with specific reference to the Global Financial Crisis (GFC) and the implications for corporate governance developments in the future.

Creditor Protection In Private Companies

Author : Thomas Bachner
ISBN : 9780521895385
Genre : Law
File Size : 51. 12 MB
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Investigates mechanisms in English and German law that protect creditors against the abuse of limited liability by directors and shareholders.

Corporate Governance

Author : Saleem Sheikh
ISBN : 9781843142614
Genre : Business & Economics
File Size : 23. 56 MB
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This book critically considers the relationship between directors, shareholders and auditors in the corporate governance system. Traditionally, company law has been primarily based on this tripartite relationship. This book comprises a series of contributions from authors who argue that there are wider interests which British company law has largely ignored. These include the interests of creditors, employees, consumers, suppliers and the general public. The concept of corporate governance is examined with comparative references to the USA and Canada. Particular reference is made to the Cadbury Committee and its implications for future company law reform. The ethical and sociological dimensions of corporate governance is also fully discussed

Comparative Insolvency Law

Author : Bo Xie
ISBN : 9781781007389
Genre : Law
File Size : 36. 86 MB
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Comparative Insolvency Law argues that the most important development in contemporary insolvency law and practice is the shift towards a rescue culture rather than full creditor satisfaction. This book is the first to specifically examine the rise of the pre-pack approach, which permits debtor companies to formulate a clear pre-arranged exit before entering into formal insolvency proceedings.

Corporate Social Responsibility In The 21st Century

Author : Bryan Horrigan
ISBN : 9781849805278
Genre : Business & Economics
File Size : 47. 48 MB
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As corporate states join the universe of nation states, the challenge of securing both corporate social responsibility and accountability becomes one of the core challenges facing the social and legal order. Bryan Horrigan s masterly, comprehensive account of this protean subject offers an assured guide for future thought and action. Paul Redmond, Professor, University of Technology, Sydney, Australia CSR continues to be one of the most important aspects of business in the global economy receiving much attention from business managers, government leaders and academics. While continuing to increase in prominence, there are many aspects and many approaches evolving in this global phenomenon. In this book Horrigan provides the most complete interdisciplinary analysis of these perspectives yet undertaken combining theoretical insights with practical examples while pointing the way forward towards future developments. David Crowther, Professor, De Montfort University, UK and Social Responsibility Research Network In this book Professor Horrigan brings together the many facets of, and perspectives on, the concept [of CSR]. . . and he places them in the context of the development of thought in the crossover from the 20th to the 21st century. . . I doubt whether such an ambitious and comprehensive account of the concept has been previously attempted. There is no doubt that it is a hugely important subject in today s world; and one which will not go away. I believe that the book will be valuable to all who need to deal with this issue, whether as government officials, regulators, businessmen, lawyers, academics, media commentators or concerned citizens. The Right Honourable Lord Butler of Brockwell KG, GCB, CVO, was Secretary of the United Kingdom Cabinet and Head of the Home Civil Service from 1988 to 1998. 1998 2008 Master of University College Oxford and a Non-Executive Director of ICI plc and of HSBC Holdings, also Chairman of the Board's Corporate Social Responsibility Committee This timely and thorough book offers one of the most wide-ranging, inter-disciplinary, and cross-jurisdictional analyses of corporate social responsibility so far in the 21st century. Professor Bryan Horrigan spans subjects as diverse and topical as global corporate responsibility and governance debates, practical guidelines for responsible businesses and their professional advisers, governmental roles in corporate social responsibility, corporations and human rights, and the new era of enlightened shareholder value . He also highlights an emerging transnational and comparative body of law, regulation, and practice on corporate social responsibility. Illustrated throughout with meaningful controversies and examples, the book also highlights the major recent global developments in corporate social responsibility already this century, focusing especially on Europe, the UK, North America, and Australasia, and charting its future regulatory and research directions worldwide. The book s scholarly foundation, up-to-date coverage, and accessible style will appeal particularly to academic researchers and students of corporate social responsibility in the fields of law, business, management, economics, and political science in a number of countries. It will also be of great interest and use to those whose work involves corporate social responsibility within government, business, and civil society.

Directors Duties And Shareholder Litigation In The Wake Of The Financial Crisis

Author : Joan Loughrey
ISBN : 9780857939661
Genre : Business & Economics
File Size : 75. 81 MB
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ÔThis book takes us back to the financial crisis and asks: should the directors of the financial institutions that caused the crisis be held responsible to their investors? LoughreyÕs and her contributorsÕ analysis of that question and the suggestions to implement their proposals are insightful and timely. This is a must-read book for those of us who are still trying to determine how to avoid the next financial crisis.Õ Ð Randall Thomas, Vanderbilt Law School, US The financial crisis revealed failings at board level at many financial institutions. But despite calls for bank boards to be held to account, there has been a remarkable paucity of litigation against bank directors for breach of their duties. This book assesses whether the law relating to directorsÕ duties and shareholder litigation has contributed to this, taking into account the changes to both that were introduced by the Companies Act 2006. With contributions from leading academics and practitioners, the book examines the directorÕs duty of care and skill, the s.172 duty, reporting obligations under s.417 of the Companies Act 2006, and shareholder litigation including the derivative action and just and equitable winding up. It concludes that neither the common law nor the statutory duties and derivative action under the Companies Act 2006 function effectively to hold directors to account and analyses why this is so. This detailed book will appeal to academics in company law and corporate governance as well as commercial law practitioners particularly those who specialize in company litigation.

The Enlightened Shareholder Value Principle And Corporate Governance

Author : Andrew Keay
ISBN : 9781136251634
Genre : Law
File Size : 77. 64 MB
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The enlightened shareholder value principle (ESV) was formulated during the comprehensive review of UK company law by the Company Law Steering Group in the late 1990s and early 2000’s and requires directors of companies to act in the collective best interests of shareholders. The principle was taken up by the then UK Government and is now embedded in the Companies Act 2006. The emergence of the principle constitutes an important development in corporate governance, particularly in determining what directors must consider when managing the affairs of their companies. This book explains and analyzes the nature of ESV and its contribution to corporate governance whilst also examining where it fits into the existing theoretical landscape. Andrew Keay traces the development of the principle of ESV and considers it in the context of the existing principles which have historically influenced corporate governance. In doing so, the book draws on several empirical studies thereby enabling us to gauge how the ESV principle is addressed in commercial practice. Keay goes on to compare ESV with the constituency statutes that apply in the US in order to determine whether anything can be learnt from the American experience. The book also assesses the reaction of other jurisdictions to the advent of ESV and considers what impact ESV will have on financial institutions and non-financial institutions in the aftermath of the global financial crisis.

Principles Of Corporate Renewal Second Edition

Author : Harlan D. Platt
ISBN : 9780472113668
Genre : Business & Economics
File Size : 68. 87 MB
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A comprehensive approach to renewing troubled companies

Mayson French And Ryan On Company Law

Author : Derek French
ISBN : 9780198841517
Genre : Law
File Size : 28. 50 MB
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Mayson, French & Ryan on Company Law is the ideal companion for students looking for an up-to-date, comprehensive, and straightforward account of company law. The content has been recently streamlined with modern company law courses in mind and includes plenty of student-friendly features. With hallmark clarity, this new edition continues the tradition of providing accurate technical detail, examination of theory and quotations from key cases. Consistently praised for thorough yet accessible handling of the law, Mayson, French & Ryan has positioned itself as the go-to company law text for the modern student. Online resources This book is accompanied by online resources which include: - updates on recent developments in company law - four bonus chapters on transparency, accounts, marketable loans, and legal forms for businesses

Company Law

Author : Brenda Hannigan
ISBN : 9780198722861
Genre : Law
File Size : 45. 31 MB
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Employing a practical and contextual approach, this student textbook covers developments in the self-regulation of corporate governance, which is becoming global due to the activities of the OECD and World Bank.

Research Handbook On Corporate Restructuring

Author : Omar, Paul J.
ISBN : 9781786437471
Genre : Law
File Size : 70. 50 MB
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This timely Research Handbook examines the increasingly economically vital topic of corporate restructuring. Reflecting a shift in the global approach to insolvency towards a focus on rescuing viable businesses rather than liquidation, chapters consider all areas of the law closely connected to corporate insolvency, rehabilitation and rescue, as well as the introduction of the EU Preventive Restructuring Directive and other reforms from around the world.

Principles Of Corporate Finance Law

Author : Eilis Ferran
ISBN : 9780199671342
Genre : Law
File Size : 70. 93 MB
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With the additional contribution of Look Chan Ho, an expert in the field of corporate finance, this thoroughly revised and updated second edition of Ferran's 'Principles of Corporate Finance Law' explores the relationship between law and finance.

Sealy Worthington S Cases And Materials In Company Law

Author : Len Sealy
ISBN : 9780199676446
Genre : Law
File Size : 56. 70 MB
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Sealy & Worthington's Cases & Materials is well-established as one of the foremost casebooks on company law . The authors' expertise in the subject area ensures that vital case extracts are supplemented by sophisticated commentary and well-chosen notes and questions, taking into account the most recent developments in this crucial area

Corporate Insolvency Law

Author : Vanessa Finch
ISBN : 9781107039919
Genre : Law
File Size : 29. 86 MB
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A new and substantially revised edition which looks critically at the broad effect and conceptual underpinnings of corporate insolvency law.

Bourne On Company Law

Author : Nicholas Bourne
ISBN : 9781317432692
Genre : Business & Economics
File Size : 66. 89 MB
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An ideal introductory textbook, Bourne on Company Law offers a succinct overview of the fundamental areas covered in LLB and GDL courses. The text is clear and easy to follow, being presented in short, sub-headed sections for ease of navigation, and is thoroughly cross-referenced to highlight connections across topics. Written for both law and non-law students, this text offers straightforward explanations of all key cases, as well as chapter summaries and end of chapter questions to aid understanding. The book is also supported by a companion website offering self-test questions, a useful glossary and annotated web links.

Corporate Governance And Insolvency

Author : Keay, Andrew
ISBN : 9781788979344
Genre : Law
File Size : 38. 68 MB
Format : PDF
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This important book provides a comprehensive analysis of governance issues that exist in relation to the management of insolvent companies, both while an insolvent company is still controlled by the directors and when it passes into the hands of an insolvency practitioner in a formal insolvency regime. Throughout, the authors argue that the two most important features of corporate governance are transparency and accountability and offer a detailed analysis of the relevant law and practice.

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