Droit des affaires - Risques d'entreprise : quelle stratégie juridique ? -1 - 302

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´ Risques de defaillance

In this short study I investigate the current situation of this debate by considering the different legal strategies proposed to ensure creditors’ protection in light of the risk of insolvency. Particular attention will be devoted to the problem

Covenants and Creditor Protection: Economics and Law, Theory and Practice, Substance and Process”, in id., 39 ff.; K.M. SCHMIDT, “The Economics of Covenants as a Means of Efficient Creditor Protection”, in id., 89 ff.; H. MERKT, “Creditor Protection through Mandatory Disclosure”, in id., 95 ff.; J. RICKFORD, “Legal Approaches to Restricting Distributions to Shareholders: Balance Sheet ¨ Tests and Solvency Tests”, in id., 135 ff.; W. SCHON, “Balance Sheet Tests or Solvency Tests – or Both?”, in id., 181 ff.; D.G. BAIRD, “Legal Approaches to Restricting Distributions to Shareholders: The Role of Fraudulent Transfer Law”, in id., 199 ff.; G. WAGNER, “Distributions to Shareholders ¨ and Fraudulent Transfer Law”, in id., 217 ff.; H. EIDENMULLER, “Trading in Times of Crisis: Formal Insolvency Proceedings, workouts and the Incentives for Shareholders/Managers”, in id., 239 ff.; D.A. SKEEL – G. KRAUSE-VILMAR, “Recharacterization and the Nonhindrance of Creditors”, in id., 259 ff.; A. CAHN, “Equitable Subordination of Shareholder Loans?”, in id., 287 ff.; P. DAVIES, “Directors’ Creditor-Regarding Duties in Respect of Trading Decisions Taken in the Vicinity of Insolvency,” in id., 301 ff.; G. SPINDLER, “Trading in the Vicinity of Insolvency”, in id., 339 ff.; ¨ P.O. MULBERT, “A Synthetic View of Different Concepts of Creditor Protection, or: A High-Level Framework for Corporate Creditor Protection”, in id., 357 ff.; F. DENOZZA, “Different Policies for Corporate Creditor Protection”, in id., 409 ff.; L. ENRIQUES – M. GELTER, “Regulatory Competition in European Company Law and Creditor Protection”, in id., 417 ff.; J.A. MCCAHERY, “Creditor Protection in a Cross-Border Context”, in id., 455 ff.; R. KRAAKMAN, “Concluding Remarks on Creditor Protection”, in id., 465 ff.; M. LUTTER, “Legal capital of public companies in Europe – Executive summary of considerations by the expert group on “Legal Capital in Europe”, in M. LUTTER ed., Legal Capital in Europe, European Company and Financial Law Review Special Volume I, ¨ 2006, de Gruyter, Berlin, 1 ff.; H. EIDENMULLER – B. GRUNEWALD – U. NOACK, “Minimum Capital in the System of Legal Capital”, in id., 17 ff.; A. PENTZ – H.-J. PRIESTER – A. SCHWANNA, “Raising Cash and Contributions in Kind when forming a Company and for Capital Increases”, in id., 42 ff.; R. VEIL, “Capital Maintenance – The regime of the Capital Directive versus Alternative Systems – ”, in id., 75 ff.; H. FLEISCHER, “Disguised Distributions and Capital Maintenance in European Company Law”, in id., 94 ff.; S. KALSS – N. ADENSAMER-J. OELKERS, “Director’s Duties in the Vicinity of Insolvency – a comparative analysis with reports from Germany, Austria, Belgium, Denmark, England, Finland, France, Italy, the Netherlands, Norway, Spain and Sweden”, in id., 112 ff.; K. SCHMIDT, “Grounds for Insolvency and Liability for Delays in Filing for Insolvency Proceedings – Necessary Supplement to Capital Protection –”, in id., 144 ff.; H. MERKT – G. SPINDLER, “Direct Liability of Controlling Parties (Piercing the Corporate Veil) and Related Legal Constellations”, in id., 166 ff.; T. DRYGALA, “Directors Liability in the Member States of the European Union”, in id., 232 ff.; H. HIRTE – T. LANZIUS – S. MOCK, “Directors’ disqualification and creditor protection”, in id., 254 ff.; J. EKKENGA – W. BAYER, “Fixed capital under German Stock Corporation Law and its Significance for the Protection of Investors and Minority Shareholders”, in id., 280 ff.; U. HUBER – M. HABERSACK, “Special Rules for Shareholder Loans: Which Consequences Would Arise For Shareholder Loans if the System of Legal Capital Should be Abolished?”, in id., 308 ff.; C.G. PAULUS, “Claw-back Rules and Creditors’ Protection”, in id., 325 ff.; C. KUHNER, “The Future of Creditor Protection through Capital Maintenance Rules in European Company Law – An Economic Perspective”, in id., 341 ff.; B. PELLENS – T. SELLHORN, “Improving Creditor Protection through IFRS Reporting and Solvency Tests”, in id., 365 ff.; P. MANKOWSKI, “Does contract suffice to protect the creditors of a company and their interests?”, in id., 394 ff.; E. MICHELER, “England”, in id., 413 ff.; T. BACHNER, “Creditor protection through insolvency law in England”, in id., 427 ff.; ´ I. URBAIN-PARLEANI, “Working Group on the Share Capital in Europe – French Answers to the Questionnaire”, in id., 480 ff.; M. MIOLA, “Legal Capital Rules in Italian Company Law and the EU Perspective”, in id., 515 ff.; H.-J. DE KLUIVER – S.F.G. RAMMELOO, “Capital and Capital Protection in The Netherlands: A Doctrine in Flux”, in id., 558 ff.; J.M. EMBID IRUJO, “Capital Protection in ´ Spanish Company Law”, in id., 582 ff.; A. KIDYBA – S. SOłTYSIDSKI – A. SZUMANSKI “A Report
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Droit des affaires - Risques d'entreprise : quelle stratégie juridique ? -1

Table des matières de la publication Droit des affaires - Risques d'entreprise : quelle stratégie juridique ? -1
