Company Directors' Responsibilities to Creditors

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Publisher : Routledge
ISBN 13 : 1135390339
Total Pages : 726 pages
Book Rating : 4.1/5 (353 download)

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Book Synopsis Company Directors' Responsibilities to Creditors by : Andrew Keay

Download or read book Company Directors' Responsibilities to Creditors written by Andrew Keay and published by Routledge. This book was released on 2007-03-12 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Directors' Duties in the Context of Insolvency

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Author :
Publisher : GRIN Verlag
ISBN 13 : 363887740X
Total Pages : 61 pages
Book Rating : 4.6/5 (388 download)

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Book Synopsis Directors' Duties in the Context of Insolvency by : Julia Honds

Download or read book Directors' Duties in the Context of Insolvency written by Julia Honds and published by GRIN Verlag. This book was released on 2007-12 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Should Not Directors be Responsible to Creditors in a Company?

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Author :
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783846589205
Total Pages : 152 pages
Book Rating : 4.5/5 (892 download)

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Book Synopsis Should Not Directors be Responsible to Creditors in a Company? by : Ernest Muchu Toh

Download or read book Should Not Directors be Responsible to Creditors in a Company? written by Ernest Muchu Toh and published by LAP Lambert Academic Publishing. This book was released on 2014-02 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 and the Protection of Creditors' Interest

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (839 download)

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Book Synopsis Directors' Duties and the Protection of Creditors' Interest by : Leith Ajlouni

Download or read book Directors' Duties and the Protection of Creditors' Interest written by Leith Ajlouni and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Directors' Duties and Liabilities

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Author :
Publisher : Routledge
ISBN 13 : 1351746774
Total Pages : 143 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis Directors' Duties and Liabilities by : Paul J. Omar

Download or read book Directors' Duties and Liabilities written by Paul J. Omar and published by Routledge. This book was released on 2018-10-24 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000. The law relating to directors’ duties has fundamental implications across the business environment and yet few areas of business law have received so little detailed examination. This text provides fresh and incisive insights to the rules applying in ten major economic jurisdictions within Europe, with respect to directors’ legal obligations and liabilities. Written by the foremost figures in the field, each contribution outlines the statutory provisions that affect the work of company directors in each jurisdiction, including general legislation and specific laws covering the status of incorporated bodies. Fully illustrated with case-law examples the book provides a guide to the range of measures which national courts may provide for participants in corporate life seeking remedies for unsatisfactory governance of companies. It also features guidance on the specific bases for criminal and civil liabilities and examples of the range of penalties to which directors might be subject. The result is a work of unprecedented detail which will be welcomed by practitioners in the corporate sector, academics and researchers alike.

The Expressive Function of Directors' Duties to Creditors

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Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Expressive Function of Directors' Duties to Creditors by : Jonathan C. Lipson

Download or read book The Expressive Function of Directors' Duties to Creditors written by Jonathan C. Lipson and published by . This book was released on 2017 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article offers an explanation of the doctrine of directors' duties to creditors. Courts frequently say - but rarely hold - that corporate directors owe duties to or for the benefit of corporate creditors when the corporation is in distress. These cases are puzzling for at least two reasons.First, they link fiduciary duty to priority in right of payment, effectively treating creditors as if they were shareholders, at least for certain purposes. But this ignores the fact that priority is a complex and volatile concept. Moreover, contract and other rights at law usually protect creditors, even (especially) when a firm is distressed. It is thus not surprising that courts do not in fact want to treat directors as fiduciaries for creditors, except in extreme cases. But this leaves us with the second puzzle: If directors are rarely treated as fiduciaries for creditors, why have the Delaware courts bothered to say so much about this, especially in their recent opinions?This Article explores these two puzzles, and argues that these cases are best understood as examples of expressive judging, exhortations to good behavior not necessarily tethered to meaningful instrumental consequences. It identifies four expressive themes in these decisions on, among other things, director discretion, the boundaries of acceptable conduct towards creditors, the role of contract, and the educative function of courts. The Article concludes by noting several doctrinal gaps created by some of the recent case law, and suggests ways that the better expressive aspirations of the Delaware opinions can fill these gaps in fair and efficient ways.

Company Directors' Liability and Creditor Protection

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Author :
Publisher : Taylor & Francis
ISBN 13 : 0429561202
Total Pages : 398 pages
Book Rating : 4.4/5 (295 download)

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Book Synopsis Company Directors' Liability and Creditor Protection by : Andrew Keay

Download or read book Company Directors' Liability and Creditor Protection written by Andrew Keay and published by Taylor & Francis. This book was released on 2023-06-23 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an analytical exposition of the law concerning directors’ liability for the losses sustained by their companies’ creditors, when the directors’ companies are in financial distress or become insolvent. It is a detailed one-stop resource for obtaining a good understanding of the law which has developed from legislation and case law. In particular, there is a detailed consideration of what needs to be proved, what defences there are, and what might be the issues of concern for all parties. A doctrinal method is adopted and there is extensive analysis of the relevant legislation and case law. Rather than merely referring to cases to support propositions, the discussion considers many of the cases in context and in depth and their relevance to the aim of the book. The book also endeavours to provide views, in a practical way, on aspects of the law and it identifies problems and how they may be addressed. Of interest to legal practitioners and insolvency practitioners alike, in addition the book will be useful to directors, government officials and academics.

Directors' Responsibilities to Creditors

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Publisher :
ISBN 13 :
Total Pages : 393 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Directors' Responsibilities to Creditors by : Andrew R. Keay

Download or read book Directors' Responsibilities to Creditors written by Andrew R. Keay and published by . This book was released on 2006 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Company Directors

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Publisher : OUP Oxford
ISBN 13 : 9780199645312
Total Pages : 0 pages
Book Rating : 4.6/5 (453 download)

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Book Synopsis Company Directors by : Simon Mortimore

Download or read book Company Directors written by Simon Mortimore and published by OUP Oxford. This book was released on 2013-01-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this leading work on company directors has been expanded to cover new areas such as tax and provides even greater analysis on dynamic areas including derivative claims, unfair prejudice litigation, and corruption under the Bribery Act 2010.

Duties and Responsibilities of Directors and Officers

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Publisher : AICD
ISBN 13 : 9781876604622
Total Pages : 292 pages
Book Rating : 4.6/5 (46 download)

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Book Synopsis Duties and Responsibilities of Directors and Officers by : Robert Baxt

Download or read book Duties and Responsibilities of Directors and Officers written by Robert Baxt and published by AICD. This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This work covers the most important aspects of a director's duties and responsibilities." --p. ix.

Company Directors' Responsibilities to Creditors

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Author :
Publisher : Routledge
ISBN 13 : 1135390347
Total Pages : 422 pages
Book Rating : 4.1/5 (353 download)

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Book Synopsis Company Directors' Responsibilities to Creditors by : Andrew Keay

Download or read book Company Directors' Responsibilities to Creditors written by Andrew Keay and published by Routledge. This book was released on 2007-03-12 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pt. A. Introduction -- pt. B. Fraudulent trading -- pt. C. Wrongful trading -- pt. D. A duty to consider the interests of creditors -- pt. E. Theoretical analysis.

Directors' Responsibility to Creditors in Company Law

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Directors' Responsibility to Creditors in Company Law by : Tatjana Jevremovic Petrovic

Download or read book Directors' Responsibility to Creditors in Company Law written by Tatjana Jevremovic Petrovic and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with the issue of directors' responsibility as one of the main instruments of efficient creditor protection. In continental laws this responsibility can be established in tort law, based on fault. Also, UK law and most developed continental laws are also introducing special instruments of directors' liability when a company is in the vicinity of insolvency through wrongful trading or similar functional equivalent rules.Different national law systems of directors' responsibility are compared with the current regime of directors' responsibility in Serbian law. We conclude that in Serbian law there is no direct responsibility of directors to creditors, neither through Company Law rules, nor general rules of Civil Law, particularly tort responsibility. Also, Serbian Insolvency Act does not recognize wrongful trading or similar instruments by which directors could be directly responsible if the company is near or in insolvency. Although the newly adopted Company Act in Serbia does introduce one particular case of direct responsibility of directors to creditors, it is still very limited and offers neither adequate nor sufficient protection.This situation, as well as widely existing opinion of case law concerning tort responsibility to third parties only for a company is analyzed and criticised on several particular issues. In this article we urge introduction of wider rules in future legislative amendments, by which directors would be personally responsible to creditors in exceptional situations. Preferably this could be introduced by general tort responsibility or special company law rules, or through wrongful trading, either alternatively or cumulatively. This would provide more protection for creditors, which has become even more pertinent after the minimum capital requirement was abandoned and rules concerning distribution of profits relaxed in respect of limited liability companies.

The Director's Handbook

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Author :
Publisher : Kogan Page Publishers
ISBN 13 : 9780749444679
Total Pages : 216 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis The Director's Handbook by : Institute of Directors

Download or read book The Director's Handbook written by Institute of Directors and published by Kogan Page Publishers. This book was released on 2005 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Director's Handbook is published by the Institute of Directors (IoD) in association with law firm Pinsent Masons. It is not a legal text book; it is a practical resource for those who run companies and need to understand the ever-changing legal and regulatory environment in which they operate. All companies - large or small, public or private - and many other organisations too, will find it useful."--BOOK JACKET.

Directors' Duties to Creditors

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Publisher :
ISBN 13 :
Total Pages : 916 pages
Book Rating : 4.:/5 (132 download)

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Book Synopsis Directors' Duties to Creditors by : Sulette Lombard

Download or read book Directors' Duties to Creditors written by Sulette Lombard and published by . This book was released on 2006 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Reviews

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Publisher :
ISBN 13 :
Total Pages : 3 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Book Reviews by : Jennifer Dickfos

Download or read book Book Reviews written by Jennifer Dickfos and published by . This book was released on 2013 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review considers two recently published texts, Company Directors' Responsibilities to Creditors by Andrew Keay, hereafter identified as Keay's text, and Directors' Duties During Insolvency by Allens Arthur Robinson, hereafter identified as Allens' text. Where possible comparisons are drawn between the two texts in an attempt to determine if the authors have achieved their stated objectives.At first glance, Keay's text may be pigeonholed as an academic text, while Allens' may be considered an insolvency practitioner's guide. However, both texts contain elements of interest for academics and insolvency practitioners alike.

Directors' Duties to Creditors

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Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Directors' Duties to Creditors by : Jonathan C. Lipson

Download or read book Directors' Duties to Creditors written by Jonathan C. Lipson and published by . This book was released on 2007 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article questions the widely held view that the fiduciary duties that corporate directors ordinarily owe to or for the benefit of shareholders should shift to creditors when the corporation is in financial distress. This view suffers from two important flaws. First, it mistakenly assumes a strong connection between duty and priority in right of payment. Thus, the thinking goes, as the corporation approaches insolvency, creditors should displace shareholders as the residual claimants, to whom duties should run. While this may make sense when a corporation liquidates, it ignores the fact that priority is a distributional doctrine, and therefore functions very differently than does duty. The second, and more important, mistake is that linking priority and duty causes us to ignore the deeper normative concerns that should animate duty in the corporate context. These normative concerns usually respond to power imbalances expressed as disparities of volition (voluntariness), cognition (information), and exit (access to secondary markets).On this view, it is apparent that not all creditors of the distressed corporation are equal. Creditors who lack volition, cognition, and exit - and thus should benefit from directorial duties - might include tort creditors, terminated at-will employees, taxing authorities and certain trade creditors. Other creditors - chiefly banks and bondholders - neither need nor deserve directorial duties. They typically benefit from high levels of volition, cognition, and exit, as expressed in both the heavily negotiated contracts that govern their relationships with the corporate debtor and their access to well-established secondary markets. This Article contains a proposal for adjusting directors' duties accordingly.

Director Liability in Agricultural Cooperatives

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Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Director Liability in Agricultural Cooperatives by : Douglas Fee

Download or read book Director Liability in Agricultural Cooperatives written by Douglas Fee and published by . This book was released on 1984 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: