The essentials of mergers and acquisitions (M & A) practice can best be examined from a buyer's perspective. In a corporate transaction, it is the buyer who typically faces the more substantial risks. In many instances, legal problems exist of which the buyer must be aware before deciding to purchase the target company. The book features a collection of reports by experienced young practitioners from seventeen different jurisdictions, along with a general report for a working session organised by the Corporate Acquisitions and Joint Ventures and Tax Law Commissions of l' Association international des jeunes avocats (AIJA) for the AIJA Annual Congress in Lisbon in August 2002. Each national report follows the same structure as the general report, but from a local perspective.

The History of Corporate Law by the Foremost Legal Historian, James Willard HurstThis study, which is based on a series of lectures delivered at the University of Virginia Law School, explores the development of corporate law from the 1780s, a time when the special charter was the only form of incorporation, to the 1960s, a time when corporations were established exclusively through general incorporation statutes. More than a chronicle, Hurst emphasizes how legal institutions actively shaped the central traits of American capitalism. CONTENTSAnalytical Table of ContentsIntroduction: Time, Place and SubjectI.From Special Privilege to General Utility, 1780-1890II.Legitimacy: Utility and Responsibility, 1890-1970III.Institutional Contributions to PolicyConclusion: The Social Impact of Corporation LawBibliographyIndexJames Willard Hurst 1910-1997] revitalized the field of American legal history with The Growth of American Law (1950) and helped establish the study of law and American society in Law and Social Process in United States History (1960). He had a particular interest in the ways society and law influenced one another. He was a professor of law at the University of Wisconsin Law School.

This second volume focuses on the quest for a legal form for small businesses. The debate as to whether the traditional registered company, perhaps with some modification, is an appropriate vehicle for small enterprises has continued in Britain, and to a lesser extent in Europe, for well over 30 years. The imperative behind reform in this area of the law in many cases will be political and this is perhaps most dramatically illustrated in the case of South Africa. The British heritage of South African law renders South Africa's approach to developing appropriate legal forms for small enterprises of considerable interest to Europe. Consequently, the Institute of Advanced Legal Studies in collaboration with the Centre for Business Law of the University of the Orange Free State organized a conference in London in the Autumn of 1997 on the search for an ideal form for small businesses. The discussions were chaired by Professor A.J. Boyle and Professor Johan Henning and ranged across a broad spectrum of issues.

The concept of corporate governance has come under intense public scrutiny in recent years. Business people everywhere are asking: What exactly does 'good' corporate governance entail? Which aspects of it are legally binding, and in what ways is it merely a set of expectations on how corporations should be organized ideally? Nowhere are these important questions answered more precisely - nowhere are the lines more clearly drawn - than in the insightful synthesis of statutory law, case law, and organizational theory presented in this book. Recognizing that the concept of 'good' corporate governance is not dramatically different from one jurisdiction to another but represents an international phenomenon that has to a reasonable extent the same characteristics everywhere, the author proceeds, with detailed analysis, through a series of issues that (he shows) make up the brunt of corporate governance. Each of these issues in turn gives rise to such specific problem areas as the following: * board compensation and executive compensation; * unitary and dual board structures; * monitoring management; * legal parameters of 'mismanagement'; * the 'supervisory gap'; * audit, selection and appointment and remuneration committees; * director tenure and retirement policy; * risk management and risk reporting; * corporate safety culture; * conflicts of interest; * whistleblower arrangements; * aims of the regulation of public takeover bids; and * defensive tactics in case of a hostile public takeover bid. These problems - and many others - are examined in the light of corporate governance codes and guidelines and of reports and judgments that deal with specific instances where investigators or courts were asked to analyze corporate governance issues in concrete cases. Each of the ten chapters includes in-depth analysis of such cases. A special feature of the book is a set of model corporate governance guidelines based on US corporate practice. Corporate Governance as a Limited Legal Concept is remarkable for its very thorough characterization and definition of corporate governance as a legal concept, as a code of conduct, and as an organizational structure. The author's clearly reasoned analysis of the legal limits of corporate governance will be of great interest and practical value to business people and their counsel in any jurisdiction.

Comparative Corporate Governance considers the impact of globalization on corporate governance issues and highlights how, despite the effect it has clearly had, predictions of legal convergence have not come true. By adopting a comparative legal approach, this book explores the tensions that exist between convergence attempts and the persistence of local models of governance in the US, Europe and Asia. Veronique Magnier assesses institutional, cultural and sociological factors as features of the disparities in governance. She does so by addressing the three main areas of tension in the legal aspects of corporate governance: theoretical pressure, which pits shareholder primacy against models advocating for greater participation of large corporations in general economic welfare; technical regulation, such as integrating corporate governance codes into national legal systems; and the need for context and reflection when transplanting governance approaches to different countries. Varying economic, societal and cultural environments make it vital to contextualize corporate governance in order to better understand how governance models operate in a globalized world. Lawyers, academics and advanced students of law looking to improve their understanding of corporate governance will find this a diverse and rewarding read.

Market necessity for large concentrations of capital and the growing number of legal obligations placed upon those who handle other people's money have made conflict of interest and duty issues increasingly important in recent years. This work identifies conflicts of interest and duty within the financial services industry under Japanese and English law and examines their resolution and management. Little comparative research has so far focused on Japan and the UK, especially in the financial services industry. However, the influence of English common law pragmatism and the prominence of Japan and its financial institutions in the world economy make a detailed comparison of English and Japanese systems particularly important in this area of the law. The book explores, in legal and social terms, the notion of conflicts of interest and the social and cultural differences between the two jurisdictions in dealing with these conflicts. It examines specific issues of conflict and legal duty and legislative regulation, provides practical advice, and suggests ways forward to help minimize exposure to the consequences of conflict. Among those who should find the book useful are regulators and legislators involved in framing and implementing policy, business people concerned with compliance, their legal advisors, and others in the global financial community. The text may also appeal to those interested in comparative research in English and Japanese law.

This collection of essays describes and analyzes the legal regimes governing directors' liability for corporate fault and default across eleven important trading jurisdictions. It asks:
- Are the reform provisions, especially director duties of 'due diligence, ' sharply enough aimed to attain the goal of corporate accountability?
- Will it be easy or difficult for defendants to establish that due diligence was exercised?
- Is it possible that more reliance on self-policing may lead to less documenting and reporting of wrongs and dangers?
- What impact may schemes of greater self-monitoring have on State regulation?
- In what ways might corporations react to these demands that they become guardians of the public weal?
The authors -- each an authority in his or her respective jurisdiction -- recognize that the reforms are a reaction to the political problems created by the ill fit of the corporation with the economic and political value systems that we purport to hold dear. As they survey the ways that vibrant economies can frame laws to influence the conduct of directors and companies, they invite further exploration into the political, economic, practical, and evolutionary factors that may explain the convergence and divergence of both statute law and judicial doctrines and the desirability or inevitability of this deeply significant trend.

Providing short, clear and accessible explanations of the main areas of EU law, Understanding European Union Law is both an ideal introduction for students new to EU law and an essential addition to revision for the more accomplished. This eighth edition has been fully revised and updated with the latest legislative changes and includes an in-depth discussion of 'Brexit' and its implications for EU-UK relations. The book provides readers with a clear understanding of the structures and rationale behind EU law, explaining how and why the law has developed as it has. In addition to discussing the core areas of EU law such as its sources, the role and powers of the EU's Institutions, the enforcement of EU law and the law of the internal market, this edition also includes a new chapter on three 'non-economic' areas of EU law: fundamental human rights, equality (non-discrimination) and the environment. This student-friendly text is both broad in scope and highly accessible. It will inspire students towards further study and show that understanding EU law can be an enjoyable and rewarding experience. As well as being essential reading for Law students, Understanding European Union Law is also suitable for students on other courses where basic knowledge of EU law is required or useful, such as business studies, political science, international relations or European studies programmes.

This comprehensive guide to all the essential legal and business considerations in financing the business activities of the modern corporation. Readers are provided with a clear and concise introduction to the legal and contractual framework that governs the major capital raising transactions in which a firm might be involved, with a particular emphasis upon the federal and state securities laws. An indispensable resource for consummating any private investment transaction, public offering, or commerical loan transaction, as well as dealing with disclosure requirements, the structuring of underwriting arrangements, and complying with public company responsibilities. Intended for entrepreneurs and managers at firms of all sizes.

The model contract for oil and gas development known as the Production Sharing Contract (PSC) originated in Indonesia in 1966 and enjoyed over a decade of successful implementation, with minor adjustments, in several oil-producing countries. In more recent years, however, numerous problems have arisen as changes in economic realities have driven the level of private investment down. This study uses legal analysis as well as historical data to pinpoint the reasons for the initial success of the PSC and for its subsequent and persistent frustrations for investors. The author first examines the original Indonesian contract, along with the variants adopted in Malaysia and the People's Republic of China, and then proceeds to an in-depth analysis of the main clauses and their amendments and execution in all three countries. Taking into account various commissioned surveys and emerging policies and strategies espoused by both governments and industry representatives. He concludes with a detailed proposal for an overhauled contract that allows for meaningful adjustments, or even renegotiation, when the balance of interests between parties changes substantially.

This text sets out fact patterns which trigger liability in various jurisdictions and offers helpful real-world recommendations in a lucid, straightforward manner. The chapters follow the same basic frame and guidelines for ease of comparison. The book traces the rise in the number of cross-border transactions and large insolvencies in free-market countries has brought director liability to the foreground, most notably regarding positions that span multiple jurisdictions and do not involve an active role in management. It argues that directors must be aware of the rules applicable in the countries in which they hold positions, especially where their companies face financial difficulties or insolvency. Numerous differences in the law exist, even between countries close in proximity and those which speak the same language and share the same legal history. The cost of failure to conform to applicable laws may be dire. The text draws attention to the numerous factors that hamper access to the applicable rules such as the lack of a multi-national treaty dealing in depth with insolvency, corporate restructuring, or directors' liabilities; the lack of unity in applicable sanctions; the complex and numerous sources of jurisdictional rules (the Insolvency Act, the Corporations Act, and the Criminal Code, or some combination); the lack of jurisdictional consistency in classifying a particular behaviour as illegal; the significant role of a constantly evolving body of case law; and the instructions imposed on public prosecutors by governmental bodies. Lawyers and business people should be able to appreciate this clear, practical guidance in a particularly challenging area of the law.

This book adopts a cross-jurisdictional perspective to consider contemporary corporate whistleblowing issues from an ethical theoretical perspective, regulatory perspective, and practical perspective. It includes in particular arguments in favour of and against the adoption of financial incentive schemes for whistleblowers, as well as the potential implications of adopting such schemes. This approach provides a valuable opportunity for comparison from a law reform perspective. The book brings together authors from various jurisdictions - Canada, Australia, and the USA - who, through their exposure to this area of law, be it as practitioners, regulators, or academics, offer valuable and interesting insights on the emerging and topical area of corporate whistleblowing generally, and whistleblowing rewards in particular. These three jurisdictions were selected on the basis of their reform-oriented stance on corporate whistleblowing and/or implementation of financial incentives for whistleblowing, creating an opportunity to assess contemporary regulatory structures and in particular how incentives measures could interact with corporate whistleblowing regulatory frameworks, and how they could contribute to improved governance. The reasons for the rejection of the notion of financial incentives in the United Kingdom are also reviewed, in order to provide a comparative overview. The book provides useful guidance for those who may be affected by the implementation of corporate whistleblowing schemes, including for reward, whether as regulators, practitioners, company directors, or whistle blowers.

Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey providing cutting edge analysis of the state of M&A using history, theory, and empirical work, and also providing a theoretical framework for future research and development in the field. Its chapters explore the history of mergers and acquisitions, considering the theory behind the structure of modern transaction documentation. The authors also address other key M&A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M&A considerations in the structure of start-ups. The book's coverage is novel as well as broad, broaching comparative issues and shareholder activism in addition to more traditional areas. This Research Handbook will be an invaluable resource for scholars, practitioners, judges and legislators

'Bainbridge and Henderson have given us one of the most important books on one of the most important contemporary legal issues, the liability of individual and corporate shareholders for corporate debts. There is no issue in corporate law more subject to uncertainty and no issue more likely to be litigated. No single book has ever attempted, much less carried off, the complete historical, international, economic and legal theoretical exegesis of limited liability, which these two authors do with range, depth, confidence and even a bit of panache. This monograph, of crucial interest both to scholars and practitioners, will become an instant classic and an immediate authority.' Stephen B. Presser, Northwestern University and the author of Piercing the Corporate Veil The modern corporation has become central to our society. The key feature of the corporation that makes it such an attractive form of human collaboration is its limited liability. This book explores how allowing those who form the corporation to limit their downside risk and personal liability to only the amount they invest allows for more risks to be taken at a lower cost. This comprehensive economic analysis of the policy debate surrounding the laws governing limited liability examines limited it not only in an American context, but internationally, as the authors consider issues of limited liability in Britain, Europe and Asia. Stephen Bainbridge and M. Todd Henderson begin with an exploration of the history and theory of limited liability, delve into an extended analysis of corporate veil piercing and related doctrines, and conclude with thoughts on possible future reforms. Limited liability in unincorporated entities, reverse veil piercing and enterprise liability are also addressed. This comprehensive book will be of great interest to students and scholars of corporate law. The book will also be an invaluable resource for judges and practitioners.

A merger or acquisition is one of the most significant events in the life of a firm and the consequences thereof are multi-faceted: Directors' fiduciary duties, shareholders' rights, valuation methods, structuring, and financing of the deal, to cite a few. Moreover, it requires an army of savvy professionals (accountants and investment banks, etc.) throughout the process; those understanding the technicalities of M&A guarantees and preventing costly missteps. This book explains the steps, distilling the process of both the legal and financial aspects of M&A, for both students and practitioners.

Taking a text, cases and materials approach, de Luca's successful textbook remains the only offering for students of European company law, and has been thoroughly updated in this new edition. Chapters have been expanded to cover the latest legislation and directives on cross-border mergers, the use of digital tools, and cross-border insolvency, while figures and graphs have been introduced to help illustrate complex processes and relationships. Clearly differentiated explanatory textboxes from the first edition have been revised, and allow students to quickly identify sources such as EU legislation, official documents and excerpts from scholarly papers. The book explores a diverse range of topics, from what European company law is, to the structure of the Societas Europaea Statute, capital markets and takeover law. It continues to be an essential resource for the growing number of graduate courses in European company law, European business law, and comparative corporate law.

'Ruhmkorf's thought-provoking book has a powerful message: that we cannot rely on the discretion of business to promote CSR voluntarily. Through the devastating example of the Rana Plaza disaster, Ruhmkorf shows that we must get beyond business rhetoric and develop a multidimensional approach to the regulation of global supply chains. Whilst recognising the existing limitations of private law, his book highlights the potential contribution of private law to the development and promotion of CSR. The task is not an easy one, but by adopting a pluralistic approach to corporate law and by employing contract law, consumer law and tort law more dynamically, English private law could fill many of the regulatory gaps. The message is urgent and strong. This is a must read book for anyone concerned with CSR, supply chains and the law.' - Charlotte Villiers, University of Bristol, UK 'This book fills an important gap in discussions of international CSR standards. It is all very well to say that states must protect and companies should respect human rights, but when breaches of human rights do occur, it is remedies that matter. Ruhmkorf explores the limits of private law avenues for seeking such remedies. In so doing, he provides a valuable understanding of obstacles to fuller realization of the three-pillared ''Protect, Respect and Remed'' Framework of the UN Guiding Principles on Business and Human Rights. - Alice de Jonge, Monash University, Australia Current debate surrounding social responsibility has neglected to fully comprehend the important role of national private law in achieving socially responsible conduct in business. This insightful book demonstrates how private law makes a significant contribution to the promotion of corporate social responsibility (CSR) and how it could be improved. Based on the analysis of four substantive areas (company law/corporate governance, contract law, consumer law and tort law), this inclusive book covers a full range of issues that are important for CSR. These include directors duties, corporate reporting, the incorporation of CSR policies into the supply chain, consumer rights and the tortious liabilities of companies. The book discerns how national private law in the home state of multinational enterprises can legally affect their socially responsible conduct worldwide. Andreas Ruhmkorf demonstrates that private law already promotes and, with certain amendments, could better promote CSR in the regulation of global supply chains. The book's findings are applied to the collapse of the Rana Plaza Building in Bangladesh, which offers a supportive empirical insight. As an up-to-date and comprehensive survey of CSR and global supply chains, this work will benefit researchers and practitioners interested in the fields of CSR, private law, international law, political economy, international labor standards and sustainable supply chains.

Applying the emergent Business and Human Rights (BHR) regime as a case, this book analyses regulatory strategies, communicative approaches and public-private processes to develop new sustainability-related norms, particularly for business, for maintaining and promoting public policy objectives and societal needs. Karin Buhmann sets out the concerns of public regulators and businesses that both inform debates and create power struggles in the construction of sustainability norms between public policy interests and the market. The author focuses on three trends in argumentative strategies applied in the BHR context and considers the use, impact and complementarity of these for sustainability regulation. Through analysis of selected transnational regulatory processes, the book identifies argumentative and negotiation strategies that led to agreement on BHR despite conflicting interests across public, private and not-for-profit (NGO) stakeholders, and develops insights for future multi-stakeholder sustainability regulation, focusing both on the regulatory process and the outcome. Changing Sustainability Norms through Communication Processes will be a valuable read for NGOs, regulators, managers and academics with a concern for sustainability regulation by helping to enhance their understanding of how to influence normative change in organisations, in support of sustainability and responsible business conduct.

A Basic Guide to International Business Law is an introduction to those parts of European and international law that are relevant to business. Having read this book, students will come away with a broad understanding of the international rules of law within the EEC, institutional rules of the European Union, international contract law, rules of competition and the four freedoms within the EEC. The edition includes student friendly features, such as summaries of statements and references to relevant case law, making the book an ideal introduction for those on law and/or business programmes.

This volume contains the national reports and the general report on the topic of corporate takeovers through the public markets, as presented at the XIVth Congress of the International Academy of Comparative Law held in Athens, Greece, between 31 July and 6 August 1994. The main aim of the report is to study public market transactions, with particular emphasis on policy. It presents a compilation and examination of the key issues relating to corporate takeovers worldwide and provides information and policy analysis for the scholar as well as for the legislator and the legal practitioner. The national reports cover the following countries: Argentina, Australia, Canada, Finland, France, Germany, Greece, Israel, Italy, Japan, Sweden, United Kingdom, United States of America, Venezuela and Yugoslavia.

Contrasting arbitration of securities disputes with litigation in the courts, this book reviews the interaction of federal securities laws and arbitration in light of caselaw. This review culminates in the recent U.S. Supreme Court cases supporting the validity of predisputed arbitration agreements even when there are claims of fraud and violations of federal securities law. The common law view of arbitration and the Federal Arbitration Act of 1925 are discussed, as are the arbitration process and forums within the securities industry. Procedures (e.g. evaluating the merits of a claim, presenting a securities case to arbitration panels throughout the nation, and appealing an arbitration award) are also examined. It is the only book to date to discuss the new AAA Securities Arbitration Rules.

Ideal for lawyers and securities industry professionals, the book discusses the theories for brokerage firm liability such as securities fraud, churning, the Know Your Customer rule, suitability, problems with trades (e.g. failure of execution or orders), and improper record keeping. It also discusses the use of arbitration to resolve disputes between those working in the industry and reviews the requirements for statements of claims in an arbitration process. Methods of evaluation, statutes, and forms are provided, which will be helpful to both the individual and the lawyer contemplating prosecuting a securities claim in arbitration versus litigation.

Foreword by Rt. Hon Mary Arden,D.B.E. The purpose of this new work is to provide an in-depth analysis of circumstances giving rise to the disqualification and personal liability of directors of insolvent companies. By way of introduction, the book commences by considering the legal indentification of a company director and the general corporate responsibilities and duties expected from a director of an insolvent company. Following the introduction, the first part of the work is devoted to an examination of the statutory provisions which may potentially render a director to be made personally liable to contribute to the debts and liabilities of an insolvent company. Accordingly, Part I of this book considers the law governing misfeasance proceedings, fraudulent trading, wrongful trading, phoenix companies and the misuse of corporate names under section 349(4) of the Companies Act 1985. Part II of the book involves an examination of the disqualification process under the Company Directors Disqualification Act 1986. The ability and powers of the courts to impose disqualification orders have generated an abundance of case law. Part II commences with a general analysis of the disqualification process before moving on to specifically concentrate its attention on section 6 of the Act, namely the disqualification of directors for unfit conduct. The final chapter of the work involves an analysis of the procedural aspects of the disqualification process. Table of Contents Part I - Personal Liability of Company Directors Chapter 1 - Introduction Chapter 2 - Misfeasance Proceedings Chapter 3 - Fraudulent Trading Chapter 4 - Wrongful Trading Chapter 5 - The Phoenix Syndrome Chapter 6 - Section 349(4) of the Companies Act 1985 Part II - Disqualification of Company Directors Chapter 7 - The Company Directors Disqualification Act 1986 Chapter 8 - Disqualification for Unfit Conduct in the Management of an Insolvent Company (section 6, CDDA 1986) Chapter 9 - Procedural and Evidential Matters Pertinent to the CDDA 1986

Shareholders Agreements have a growing influence on the general understanding of corporate law since they bind not only the shareholders but also affect the constitution of the corporation and can have a severe impact on capital markets. Therefore, Shareholders Agreements are more and more subject to regulation in corporate, capital market and also insolvency law on the national, the European and the international level. This handbook provides a general examination of conceptual questions of Shareholders Agreements and provides an analysis of the regulation of Shareholders Agreements in European and international law and of the national law of more than 20 jurisdictions. Readers will get a general understanding of the theoretical and practical problems involved with Shareholders Agreements and detailed information on the regulation of Shareholders Agreements in several jurisdictions and the applicable law in the case of transnational corporations and cross-border transactions.