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论文作者:代写留学生论文论文属性:硕士毕业论文 thesis登出时间:2011-05-05编辑:zn1987点击率:4520
论文字数:13796论文编号:org201105051335385208语种:英语 English地区:英国价格:$ 66
关键词:Comparative law; Corporate insolvency; Derivative claimsIndemnity costsMinorityshareholdersUnfairly prejudicial conduct
The indemnity order in a derivative action
Subject: Company law. Other related subjects: Civil procedure
Keywords: Comparative代写留学生论文 law; Corporate insolvency; Derivative claims; Indemnity costs; Minorityshareholders; Unfairly prejudicial conduct
2 Introduction
The cost of litigation may be a significant practical obstacle for the claimant under a derivativeaction.1The success of a derivative action depends not only on the legal armoury such as legalrights and adequate remedies, but also on how to enforce them. Sufficient funds are, to some extent,prerequisites to those who wish to use the law as the litigation expense is high. As Genn explained:
“A civil justice system which seeks to promote equal access to just outcomes requires procedureswhich maximise opportunities for entry into the system and offer procedures that minimise the effectsof resource inequalities on outcomes.”
The derivative action, materially speaking, is merely a procedural device to enable the court to dojustice to the company.3With the wrong done to the company, the minority shareholders will suffer areflective loss.4Their aim is not to sell shares and leave the company but to gain from the investment.In this sense, the derivative action is the right remedy for those shareholders who would like to stayin the company.5Even in a successful action the pecuniary recovery flows to the company directly.Presumably, if the value of the shares is increased by a pro rata portion of the recovery, theshareholder claimant will benefit to the same extent as other non-participants from the derivativeaction.
In most cases, the legal cost outweighs the future benefit accruing to the claimant https://www.51lunwen.org/liuxuelunwendx/shareholder. It isdifficult to see why a claimant shareholder should risk his own time and funds in commencing aderivative action, as the result in terms of the pecuniary recovery is always uncertain. Few individualshareholders initiate a derivative action arguably because of the lack of financial incentive. In itssubstantive perspective, the issue of who bears the cost of the action plays an essential role in thedecision whether to commence a derivative action. In view of the equitable nature of the derivativeaction, could the indemnity cost order bridge the gap? To a certain extent, an indemnity, if positivelygranted, will increase the incentive of the minority shareholder to initiate an action, and consequentlythe governance mechanism of the company. Otherwise, the cost burden and the inconveniencecaused may act as a deterrent,6even in a case of a meritorious action.
This analysis will be structured as follows. The first part will produce some background information byintroducing the derivative action. The second part attempts to analyse the United Kingdom'sdevelopment of the indemnity order by studying some typical cases; the third part examinesexperiences from some other jurisdictions; the fourth part tries to evaluate a few controversial issues;the fifth part explores the feasibility of sorting out difficulties in performing the indemnity order. Thelast part will make a tentative conclusion.
The derivative action
A major shareholder's contravention of the law subjects the company to suffer a loss, which is verylikely to give rise to the consequence of the decline of the share price and probably the loss ofcompany assets.7At an intangible level, the company's commercial opportun本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。