The 'life cycle' of a family business is a fascinating process. Beginning with the initial entrepreneur starting the business, it encompasses the development of the business to success, involvement of family members in the business, estate planning, preparation for integration of the next generation, creating a family constitution to regulate relationships among family members, and creating a family trust when appropriate. The completion of the cycle then gives the option of continuing - to potentially become one of the one-hundred-year businesses. This Special Report is a one-stop collection bringing together a distinguished team of international contributors, each an expert in their respective field with a global reputation, to cover the entire life cycle of a family business. It provides guidance on many of the key issues encountered including governance issues, protecting the family business assets, fostering entrepreneurship and succession planning. Life Cycle of Family Business is a unique source of knowledge for family businesses and professionals working in this specialist field. In this very readable single volume - edited by Barbara R Hauser and Alon Kaplan - those involved in family businesses can benefit from its expert guidance, at any stage of the life cycle.

Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

A timely and apposite treatise on Papua New Guinea's economic environment, this book explores business organizations law and various aspects of commercial law in Papua New Guinea in a readable and informative style.

Business and commerce is the twin engine that propels the economy of a modern nation. They ensure steady economic growth and development. In an age of globalization, they assume even greater importance than at any time in human history. A nation risks being marginalized or left behind in the race for a share of the world economic market unless it ensures the stability of its business and commercial sector. Trade regulation, good governance and democratic institutions go hand in hand in guaranteeing political and social equilibrium. As such the laws designed to facilitate trade and commerce are a vital component of the political and social equation.

This is a valuable book for law students, legal practitioners, accountants and business executives, not only within Papua New Guinea, but also in Australia and throughout the South Pacific.

A timely and apposite treatise on Papua New Guinea's economic environment, this book explores business organizations law and various aspects of commercial law in Papua New Guinea in a readable and informative style.

Business and commerce is the twin engine that propels the economy of a modern nation. They ensure steady economic growth and development. In an age of globalization, they assume even greater importance than at any time in human history. A nation risks being marginalized or left behind in the race for a share of the world economic market unless it ensures the stability of its business and commercial sector. Trade regulation, good governance and democratic institutions go hand in hand in guaranteeing political and social equilibrium. As such the laws designed to facilitate trade and commerce are a vital component of the political and social equation.

This is a valuable book for law students, legal practitioners, accountants and business executives, not only within Papua New Guinea, but also in Australia and throughout the South Pacific.

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.

Since the financial crisis, one of the key priorities of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) has been individual accountability. This book addresses the regulatory and employment law challenges that arise from the FCA's and PRA's requirements. The expert team of writers examine in depth the provisions of the Financial Services and Markets Act 2000 which relate to individuals, and the associated requirements of the PRA and FCA. The topics addressed include: The Senior Manager, Certification and Approved Person Regimes Regulatory references and whistleblowing Disciplinary investigations, enforcement and sanctions Notifications, 'Form C', and fitness & propriety Bonus disputes and the Remuneration Code Conduct and Pay in the Financial Services Industry considers the full extent of an individual's employment, from pre-contractual discussions to the post-termination clawback of remuneration. It is a vital reference for lawyers and human resources professionals working within the financial services industry, both in-house and in private practice. It will also be of interest to all academics, regulators and policy-makers involved in this sector.

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.

Insolvency law reform has become a subject of public urgency in many countries in the past two decades and particularly in much of Asia over the last ten years. This volume provides an overview of insolvency laws and related rules and procedures in the countries of East Asia. The book comprises two introductory chapters dealing with issues, such as legal culture and cross-border insolvency, before examining the fourteen principal jurisdictions in the region. Each chapter addresses the key themes of different insolvency regimes, such as: the legal system and culture; personal insolvency laws; corporate insolvency rules; court based schemes of arrangement; winding up procedures; liquidators; enforcement; and offences. This title will be an invaluable guide to academics, practitioners and policy-makers working in the areas of comparative and commercial law.

The crisis of distribution is one of the longest standing and complicated issues facing human society. Imbued with social, political, historic, and cultural elements, it varies significantly across different countries as a result of all these factors. As an emerging economy which transferred from a planned to a market economy, China has experienced large distribution gaps since it implemented the Reform and Opening-up Policy in the early 1980s, requiring stronger economic law to mitigate and regulate the crisis of distribution. The two volumes examine the crisis of distribution that China faces and proposes policy and economic law methods that can be used to overcome the distribution dilemma. The author discusses the four main concepts and focus points of the crisis of distribution - distribution itself, the crises it faces, the rule of law and development before proposing a theoretical framework of "system-distribution-development" to resolve distribution problems that China faces. The book should be of keen interest to researchers and students of law, economics, and political science.

Exploring the role of public sector audit in emerging democracies and developing countries, this book provides an account of the relationship between the public sector auditor, the legislature and executive government. In particular, it introduces public sector audit's capacity to assess government agencies' compliance with the law and their management of taxpayer or internationally funded programs and services. The volume: c Explores the Australian model of public sector audit. c Provides a definition of a supreme Audit Institution (SAI) and the role and responsibilities of the public sector auditor. c Examines the authority necessary for the SAI to function effectively. c Discusses likely future reform of the SAI's legal framework. c Illustrates how audit can be used to strengthen democratic institutions in emerging market economies. It will be of use to researchers, academics and students interested in the critical issues surrounding audit in general and public sector audit in particular. It will also be a valuable guide to practitioners in this area.

This book describes and assesses an emerging threat to states' territorial control and sovereignty: the hostile control of companies that carry out privatized aspects of sovereign authority. The threat arises from the massive worldwide shift of state activities to the private sector since the late 1970s in conjunction with two other modern trends - the globalization of business and the liberalization of international capital flows. The work introduces three new concepts: firstly, the rise of companies that handle privatized activities, and the associated advent of "post-government companies" that make such activities their core business. Control of them may reside with individual investors, other companies or investment funds, or it may reside with other states through state-owned enterprises or sovereign wealth funds. Secondly, "imperfect privatizations:" when a state privatizes an activity to another state's public sector. The book identifies cases where this is happening. It also elaborates on how ownership and influence of companies that perform privatized functions may not be transparent, and can pass to inherently hostile actors, including criminal or terrorist organizations. Thirdly, "belligerent companies," whose conduct is hostile to those of states where they are active. The book concludes by assessing the adequacy of existing legal and regulatory regimes and how relevant norms may evolve.

The number of hedge funds and the assets they have under management has increased in recent years. This increase became significantly more pronounced after the market downturn in 2001. Hedge funds can help investors to benefit from volatile and even sinking stock markets. However, despite the prominent use of the word "hedge" in their name, such funds rarely offer a safe hedge against risk, given that they depend heavily on skill-based investment techniques and often invest in highly speculative financial instruments. Nevertheless, such funds received no specific treatment in the legislation of such major markets as Germany and the United States for years. Against the backdrop of international regulatory concern for hedge funds, the Institute for Law and Finance (ILF), in cooperation with Deutsches Aktieninstitut e.V. (DAI), brought together leading scholars, lawyers and bankers, to assess the risks, opportunities and regulatory challenges that hedge funds present. At the time of the conference, German lawmakers were still discussing the need and possible content of a new law. The fruit of their discussions was the German Investment-Modernization Act (Investmentmodernisierungsgesetz), which entered into force on January 1, 2004, and increased the attractiveness of offering hedge fund products in the German market. This inaugural volume of the Institute for Law and Finance Series contains the proceedings of the ILF/DAI May 2003 conference entitled "Hedge Funds: Risks and Regulation," and presents papers discussing the economic characteristics of and regulatory strategies for addressing hedge funds. The first two papers examine hedge funds from an economic perspective. Alexander M. Ineichen, Managing Director and Global Head of AIS Research at UBS, reveals the economic reality of hedge funds from the myths that has surrounded them. Then Franklin R. Edwards, Professor and Director of the Center for the Study of Futures Markets of the Columbia Business School in New York explains how the regulation of hedge funds should be tailored to their core economic reality and the goals of financial stability and investor protection. Next, Marcia L. MacHarg, a partner of Debevoise & Plimpton LLP, Ashley Kovas, a Manager in the Business Standards Department of the Financial Services Authority, London, and Edgar Wallach, a partner of Hengeler Mueller, present the state of the relevant regulatory structures in the United States, the United Kingdom, and Germany, respectively. The book then closes with an analysis of corporate structures used for German hedge funds, offered by Kai-Uwe Steck, a member of the German Asset Management practice group of Shearman & Sterling LLP.

Transnational business activities are important drivers of growth for developing and the least developed countries. However, they can also negatively impact the enjoyment of human rights. In some cases, multinational enterprises (MNEs) have even been accused of grave human rights abuses in the territory of the states where their subsidiaries operate. Since the parent companies of many MNEs are incorporated under the law of European states, those countries' domestic law and the European legal framework play a crucial role in establishing how their activities should be conducted - also throughout their supply chains - and which remedies will be available when corporate human rights violations occur. In recent years, the European Union, the Council of Europe and their Member States have been adopting policies and legislation to ensure respect for human rights by businesses and have developed a body of related case law. These legal instruments can be considered the European responses to the challenges posed at international-law level, and they constitute the focus of research of this book. Through its collected chapters - written by scholars and practitioners under the direction of the editor, Angelica Bonfanti - the book identifies the European solutions to the business and human rights international legal issues, provides an overall assessment of their effectiveness, and examines their potential evolution.

This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.

This book takes a radical look at organizational crime and deviance through the prism of Cultural Theory derived from anthropology. It does so through case studies and by introducing new concepts such as 'organizational perversion', 'tyranny' and 'organizational capture'. Exploring the effects of change and environmental influences such as globalization, new technologies and trade-cycles on the nature and potency of criminogenic communities such as ports and holiday resorts, the book gives special attention to the justification of ethics and to the analysis of behaviours that have contributed to the current economic downturn. The Appendix offers a practical guide to the ethnographic assessment of links between organizations and varying types of crime and deviancy using a Cultural Theory framework.

Arbitration is the most common mechanism for disputes' settlement in developing countries. Following the move to free market economies, arbitration will play an increasingly fundamental role in order to protect foreign investors in the Middle East and North African Region (MENA). This book examines the pulse and dynamics of international investment arbitration and the new era of mediation in state contracts in the region. The author explores the harmonization of international arbitration and the sensitive issue of le Contrat Administratif in Middle East civil law countries. The volume also discusses the pivotal role of international organizations such as UNCTAD and ICSID in codifying fair and prompt mechanisms for dispute settlement. Using Latin American countries as a prime example of how international legislative instruments serve international investment law principles and comparing Latin American experiences where appropriate, the book demonstrates how lessons can be learned in respect of alternative dispute resolution, international commercial arbitration and investor-states arbitration. It provides suggestions and recommendations for the future and includes useful appendices detailing recent worldwide trends, regional and international instruments in the arbitration world.

This book explores the political, economic and regulatory context in which credit regulation is taking place following the global financial crisis. It suggests that current neoliberal economic policies favour multi-national corporations rather than consumers and examines regulatory responses to the internationalization of consumer finance protection. Detailing how EU consumers have been affected by national economic conditions, the book also analyses the lending regimes of Europe, Australia, the US and South Africa and offers suggestions for responsible lending to avoid over-indebtedness and corrupt mortgage-lending. Finally, new approaches and directions for consumer credit regulations are outlined, such as protection for small businesses, protection against risky credit products, reorganization of mortgage securitization and the possibility of a partnership model to address financial exclusion. The book includes contributions from leading names in the field of consumer law and will be invaluable to those interested in banking, business and commercial law.

This book examines the prospects for business law reform to drive economic development in developing countries. It argues that, despite statements to the contrary, cultural factors and other local conditions in developing countries are not properly taken into account in current business law reform programs. Utilizing the city of Dakar as an example, this book investigates the consequences of this lack of fit between local needs and transplanted legal models by examining the potential and actual impact of the OHADA program of law reform on local business practices. Focusing on how managers make decisions and apply appropriate norms in routine business operations, the book documents how contractual disputes arise and are solved in Dakar and the role played by formal law in these processes. By examining imported law from the point of view of the end-users of legal reforms, the book reveals the complex relationship between formal law, local cultural norms and the activities of SMEs operating in developing economies, and calls for a reconsideration of current law and development theory as well as the role of contract law in business decisions. It will be relevant to all developing countries seeking to align their laws with 'best practice' as identified by aid institutions.

This book examines the structure of the rule on restrictive agreements in the context of vertical intra-brand price and territorial restraints, analysing, comparing and evaluating their treatment in US antitrust and EU competition law. It examines the concept of 'agreement' as the threshold question of the rule on restrictive agreements, the structure and focus of antitrust/competition law analysis, the treatment of vertical intra-brand price and territorial restrictions and their place in the test of antitrust/competition law. The treatment of vertical intra-brand restraints is one of the most controversial issues of contemporary competition law and policy, and there are substantial differences between the world's two leading regimes in this regard. In the US, resale price fixing merits an effects-analysis, while in the EU it is prohibited almost outright. Likewise, territorial protection is treated laxly in the US, while in the EU absolute territorial protection - due to the single market imperative - is strictly prohibited. Using a novel approach of legal analysis, this book will be of interest to academics and scholars of business and commercial law, international and comparative law.

In recent decades, corporations have increasingly accepted that they have obligations to respect the socio-economic rights of individuals whose rights to livelihoods, education, food, health, housing and water are affected by the actions of corporations on a daily basis. Despite this, it is often difficult for victims to bring corporations to court for violations of their socio-economic rights. Domestic constitutional systems provide, at best, fragile and limited protections against adverse corporate activities, while international responses have been lacking in creating obligations and accountability for corporations under socio-economic rights. The urgency of bolstering corporate accountability for socio-economic rights is therefore apparent. In light of this, this book asks whether corporations are required to observe socio-economic rights and if they are accountable for any violations. In doing so, it identifies and analyzes the theoretical foundations and the existing scope of corporate accountability arising from socio-economic rights at both national and international levels. Through careful analysis, Jernej Letnar Cernic exposes the stark need for greater clarity in the obligations and accountability of corporations, advocating a normative framework for corporate accountability for socio-economic rights in national legal orders which builds on existing mechanisms.

This book examines the transgressions of the credit rating agencies before, during and after the recent financial crisis. It proposes that by restricting the agencies' ability to offer ancillary services there stands the opportunity to limit, in an achievable and practical manner, the potentially negative effect that the Big Three rating agencies - Standard & Poor's, Moody's and Fitch - may have upon the financial sector and society moreover. The book contains an extensive and in-depth discussion about how the agencies ascended to their current position, why they were able to do so and ultimately their behaviour once their position was cemented. This work offers a new framework for the reader to follow, suggesting that investors, issuers and the state have a 'desired' version of the agencies in their thinking and operate upon that basis when, in fact, those imagined agencies do not exist, as demonstrated by the 'actual' conduct of the agencies. The book primarily aims to uncover this divergence and reveal the 'real' credit rating agencies, and then on that basis propose a real and potentially achievable reform to limit the negative effects that result from poor performance in this Industry. It addresses the topics with regard to financial regulation and the financial crisis, and will be of interest to legal scholars interested in the intersection between business and he law as well as researchers, academics, policymakers, industry and professional associations and students in the fields of corporate law, banking and finance law, financial regulation, corporate governance and corporate finance.

In recent years, a conservative majority of the U.S. Supreme Court, over vigorous dissents, has developed circumventions to the Establishment Clause of the First Amendment that allow state legislatures unabashedly to use public tax dollars increasingly to aid private elementary and secondary education. This expansive and innovative legislation provides considerable governmental funds to support parochial schools and other religiously-affiliated education providers. That political response to the perceived declining quality of traditional public schools and the vigorous school choice movement for alternative educational opportunities provokes passionate constitutional controversy. Yet, the Court's recent decision in Arizona Christian School Tuition Organization v. Winn inappropriately denies taxpayers recourse to challenge these proliferating tax funding schemes in federal courts. Professors Winer and Crimm clearly elucidate the complex and controversial policy, legal, and constitutional issues involved in using tax expenditures - mechanisms such as exclusions, deductions, and credits that economically function as government subsidies - to finance private, religious schooling. The authors argue that legislatures must take great care in structuring such programs and set forth various proposals to ameliorate the highly troubling dissention and divisiveness generated by state aid for religious education.

Exploring the advantages and disadvantages of codifying contract law, this book considers the question from the perspectives of both civil and common law systems, referring in detail to issues of international and consumer law. With contributions from leading international scholars, the chapters present a range of opinions on the virtues of codification, encouraging further debate on this topic. The book commences with a discussion on the internationalization imperative for codification of contract law. It then turns to regional issues, exploring first codification attempts in the European Union and Japan, and then issues relevant to codification in the common law jurisdictions of Australia, New Zealand and the United States. The collection concludes with two chapters which consider the need to draw upon both private and comparative international law perspectives to inform any codification reforms. This book will be of interest to international and comparative contract law academics, as well as regulators and policy-makers.

One of the most important EU consumer protection directives of the past decade, the 2005 Unfair Commercial Practices Directive, or UCPD, is brought under examination in this stimulating volume. Bringing together leading experts in the comparative law and consumer law domain, the book discusses the impact of the Directive and whether the many possible issues identified at its inception have been borne out in practice. Divided into four parts of 'Implementation, Approximation and Harmonization', 'Vulnerability', 'The UCP Directive and Other Regimes', and finally 'Enforcement', the volume examines the various policy developments, the growing body of case law, the decisions of relevant national enforcement authorities, as well as the legislative debates which have surrounded the implementation of the UCPD in Member States. This book provides a valuable assessment of the impact of a major EU directive almost ten years after its adoption, and as such will be of interest to academics, legal practitioners and the judiciary working in the areas of European and Consumer law.

Decentering Biotechnology explores the nature of technology, objects and patent law. Investigating the patenting of organic life and the manner in which artifacts of biotechnology are given their object-ive appearance, Carolan details the enrollment mechanisms that give biotechnology its momentum. Drawing on legal judgements and case studies, this fascinating book examines the nature of object-ification, as a thought and a thing, without which biotechnology, as it is done today, would not be possible. Unable to reject biotechnology per se, recognizing that such a rejection would essentialize the very object-ive categories shown to be manufactured, Carolan ultimately argues for doing biotechnology differently. A theoretically sophisticated analysis of the nature of objects and the role of technology as a form of life which shapes the social landscape, Decentering Biotechnology engages with questions of power, globalization, development, resistance, exclusion, and participation that arise from treating biological objects differently from conventional property forms. As such, it will appeal to social theorists, sociologists and philosophers, as well as scholars of law and science and technology studies.