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Author: Tomas Richter Publisher: ISBN: Category : Languages : en Pages : 14
Book Description
The last 30-or-so years have witnessed several rounds of debate on the desirability (in terms of efficiency or otherwise) of secured credit and the priority that usually goes with it in the debtor's bankruptcy. Much to the disappointment of those seeking policy lessons from the debate, its outcomes were inconclusive at best. At worst, to the extent that they convincingly suggested that secured credit might be causing inefficiencies at least in some circumstances (mostly where security is granted under circumstances that prevent other creditors from adjusting the terms of their lending) they were widely inconsistent with the across-the-board practical consensus that security (and the priority it affords to the secured lender) is a key factor in the development of credit markets.In addition to being inconclusive, the debate has thus far been conducted exclusively in microeconomic terms. However, recent contributions to our understanding of the role that credit plays in the economy, based on the ideas of the late economist Hyman Minsky, suggest that the micro view, while certainly enlightening, might not be the only, or indeed the most important vantage point from which legal theory could and should inform its views of secured credit and its social benefits and costs.The purpose of this article is to make some initial sketches of this possible research program and posit some arguments why secured credit, and in particular certain of its forms, might exacerbate the harmful role that (certain types of) credit seem to play in the economy. Using examples from the harmonized law of the EU, the article suggests that, disturbingly, European law has thus far mainly lent support to socially harmful forms of secured credit.
Author: Tomas Richter Publisher: ISBN: Category : Languages : en Pages : 14
Book Description
The last 30-or-so years have witnessed several rounds of debate on the desirability (in terms of efficiency or otherwise) of secured credit and the priority that usually goes with it in the debtor's bankruptcy. Much to the disappointment of those seeking policy lessons from the debate, its outcomes were inconclusive at best. At worst, to the extent that they convincingly suggested that secured credit might be causing inefficiencies at least in some circumstances (mostly where security is granted under circumstances that prevent other creditors from adjusting the terms of their lending) they were widely inconsistent with the across-the-board practical consensus that security (and the priority it affords to the secured lender) is a key factor in the development of credit markets.In addition to being inconclusive, the debate has thus far been conducted exclusively in microeconomic terms. However, recent contributions to our understanding of the role that credit plays in the economy, based on the ideas of the late economist Hyman Minsky, suggest that the micro view, while certainly enlightening, might not be the only, or indeed the most important vantage point from which legal theory could and should inform its views of secured credit and its social benefits and costs.The purpose of this article is to make some initial sketches of this possible research program and posit some arguments why secured credit, and in particular certain of its forms, might exacerbate the harmful role that (certain types of) credit seem to play in the economy. Using examples from the harmonized law of the EU, the article suggests that, disturbingly, European law has thus far mainly lent support to socially harmful forms of secured credit.
Author: Horst Eidenmüller Publisher: Walter de Gruyter ISBN: 3110970678 Category : Law Languages : en Pages : 416
Book Description
This volume contains the reports and discussions presented at the conference "The Future of Secured Credit in Europe" in Munich from July 12th to July 14th, 2007. It aims at taking the debate to a new stage by exploring the need and possible avenues for creating a European law of security interests. The first part examines – from an economic and a community law perspective – the case for European lawmaking on secured credit and the legislative approach to be taken. The intention in the second and third part is to look in more detail at the choices European lawmakers will have to make in devising a European law of secured credit. The second part focuses on secured transactions involving corporeal movables (tangibles), whereas the third part considers categories of collateral that may require special rules.
Author: Gerard McCormack Publisher: Edward Elgar Publishing ISBN: 0857933450 Category : Law Languages : en Pages : 221
Book Description
This book will be of great interest to practitioners, policymakers and academics, as well as students, particularly postgraduate students, of law and business throughout the world.
Author: Teemu Juutilainen Publisher: Bloomsbury Publishing ISBN: 1509910085 Category : Law Languages : en Pages : 396
Book Description
Winner of the 2016–2018 KG Idman Prize. This monograph seeks the optimal way to promote compatibility between systems of proprietary security rights in Europe, focusing on security rights over tangible movables and receivables. Based on comparative research, it proposes how best to tackle cross-border problems impeding trade and finance, notably uncertainty of enforceability and unexpected loss of security rights. It offers an extensive analysis of the academic literature of more recent years that has appeared in English, German, the Scandinavian languages and Finnish. The author organises the concrete means of promoting compatibility into a centralised substantive approach, a centralised conflicts-approach, a local conflicts-approach and a local substantive approach. The centralised approaches develop EU law, and the local approaches Member State laws. The substantive approaches unify or harmonise substantive law, while the conflicts approaches rely on private international law. The author proposes determining the optimal way to promote compatibility by objective-based division of labour between the four approaches. The objectives developed for that purpose are derived from the economic functions of security rights, the conditions for legal evolution and a transnational conception of justice. This book is an important contribution to the future of secured transactions law in Europe and more widely. It will be of interest to academics, policymakers and legal practitioners involved in this field.
Author: Gerard McCormack Publisher: Cambridge University Press ISBN: 9780521826709 Category : Business & Economics Languages : en Pages : 446
Book Description
McCormack examines English law on Secured Credit, highlighting its weaknesses, and evaluating possible remedies. Contains the text of Article 9.
Author: Eilis Ferran Publisher: OUP Oxford ISBN: 0191651141 Category : Law Languages : en Pages : 531
Book Description
Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that give holders different claims on the firm's assets. Recent scholarship in this area explores precisely how legal mechanisms affect corporate finance and the development of financial markets. The legal environment is crucially important in explaining the choices that companies make about their capital structure. This book combines company law, capital market regulation and commercial law to give readers a detailed understanding of the legal and regulatory issues relating to corporate financial transactions. Informed by insights from the theoretical and empirical work of financial economists, the book examines, from a legal perspective, key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation.
Author: Ulrich Drobnig Publisher: sellier. european law publ. ISBN: 3935808968 Category : Law Languages : en Pages : 253
Book Description
This work is inspired by the comparative study published in The Interaction of Contract Law and Tort and Property Law in Europe (ISBN 3 935808 20 8-Cloth-$79.00-2004). Out of a transnational (comparative and EU-oriented) perspective, the essays included discuss whether divergences of property law on contractual security rights in movables constitute an obstacle to the internal market and, if so, what solutions could be offered. Unification or harmonization of private international law cannot offer an adequate solution, while unification of domestic security laws could. However, the latter will take a very long time, partly due to the specific nature of property law. The contributing authors advocate the development of a European Security Right in Movables (ESRM) in addition to the respective contemporary national security rights. A real ESRM would clearly support free competition within the European Union. However, the development of an ESRM will take much time, in particular when dealing with the relation between that ESRM and domestic security rights in the member states. The reader will also find considerations on the contents of an ESRM and on the outlines of the required additional provisions.
Author: Orkun Akseli Publisher: Routledge ISBN: 1136830553 Category : Business & Economics Languages : en Pages : 380
Book Description
This book focuses on international harmonisation and the law of secured transactions by distilling and analysing the unifying principles of various significant international conventions and instruments such as the UN Convention on the Assignment of Receivables, the Unidroit Convention on International Factoring, the EBRD Model Law on Secured Transactions, the Unidroit Convention on the International Interests in Mobile Equipment and the UNCITRAL Legislative Guide on Secured Transactions. International secured transactions conventions and instruments facilitate credit and promote economic activity through the creation of harmonised rules. Therefore, given the increasing globalisation of markets, international reform efforts for the harmonised modernisation of secured transactions law have gained pace over recent years. International Secured Transactions Law draws on experiences in both English and US laws in order to identify and illustrate the existing problems that need to be addressed, as well as identify potential solutions. International Secured Transactions Law will be of interest to scholars, students interested in international commercial law, corporate law or comparative secured transactions, and practitioners involved in international commercial transactions.
Author: Jingchen Xu Publisher: Bloomsbury Publishing ISBN: 1509936009 Category : Law Languages : en Pages : 269
Book Description
This book covers the pressing issues of cross-border cases involving admiralty and bankruptcy law. For example, what should happen when a shipowner files an insolvency proceeding in one country, while at the same time facing an in rem action against its vessel in another country? Should the in rem action arising in one country be stayed or dismissed because of the existence of insolvency proceedings in another country? The book discusses the relevant issues regarding the treatment of maritime creditors throughout insolvency proceedings, the determination of the 'centre of main interest' of an offshore shipping company, and the scope of a debtor's assets. The author uses a comparative law analysis, selecting four leading shipping countries – Australia, the UK, the US, and Singapore – and examines their approaches to the above three problems when applying the UNCITRAL Model Law regime. The book also proposes a solution to help eliminate the ambiguity arising from maritime cross-border insolvency cases under the UNCITRAL Model Law regime, with a view to enhancing the development of the shipping industry.
Author: Louise Gullifer Publisher: Bloomsbury Publishing ISBN: 1782259597 Category : Law Languages : en Pages : 852
Book Description
The second edition of this acclaimed book continues to provide a discussion of key theoretical and policy issues in corporate finance law. Fully updated, it reflects developments in the law and the markets in the continuing aftermath of the Global Financial Crisis. One of its distinctive features is that it gives equal coverage to both the equity and debt sides of corporate finance law, and seeks, where possible, to compare the two. This book covers a broad range of topics regarding the debt and equity-raising choices of companies of all sizes, from SMEs to the largest publicly traded enterprises, and the mechanisms by which those providing capital are protected. Each chapter analyses the present law critically so as to enable the reader to understand the difficulties, risks and tensions in this area of law, and the attempts made by the legislature and the courts, as well as the parties involved, to deal with them. This book will be of interest to practitioners, academics and students engaged in the practice and study of corporate finance law.
Author: Tomas Richter
Author: Tomas Richter
Author: Horst Eidenmüller
Author: Gerard McCormack
Author: Teemu Juutilainen
Author: Gerard McCormack
Author: Eilis Ferran
Author: Ulrich Drobnig
Author: Orkun Akseli
Author: Jingchen Xu
Author: Louise Gullifer