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Securing corporate opportunities in Europe – comparative notes on monetary remedies and on the potential evolution of the remedial system

Corradi, Marco Claudio LU (2018) In Journal of Corporate Law Studies p.1-35
Abstract

Continental European jurisdictions have introduced corporate opportunities rules inspired by Anglo-American law. Despite a certain degree of homogeneity in substantive law, their monetary remedial systems still differ in common law and civil law jurisdictions. These differences matter because of the deterrence function connected to corporate opportunities remedies – deterrence being the core of fiduciary law. This article explains the divergences embedded in different legal traditions within a law and economics framework. It looks at potential developments of corporate opportunities remedies, drawing inspiration from a sample of European jurisdictions. Whereas UK law uses a vast array of remedies with high potential of deterrence and... (More)

Continental European jurisdictions have introduced corporate opportunities rules inspired by Anglo-American law. Despite a certain degree of homogeneity in substantive law, their monetary remedial systems still differ in common law and civil law jurisdictions. These differences matter because of the deterrence function connected to corporate opportunities remedies – deterrence being the core of fiduciary law. This article explains the divergences embedded in different legal traditions within a law and economics framework. It looks at potential developments of corporate opportunities remedies, drawing inspiration from a sample of European jurisdictions. Whereas UK law uses a vast array of remedies with high potential of deterrence and great flexibility in their application, civil law remedies are fewer, weaker and less flexible than the common law ones. However, the deterrence potential of civil law corporate opportunities remedies could be increased either through the introduction of criminal sanctions or future development of punitive damages doctrines.

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author
organization
publishing date
type
Contribution to journal
publication status
epub
subject
in
Journal of Corporate Law Studies
pages
35 pages
external identifiers
  • scopus:85046120347
ISSN
1473-5970
DOI
10.1080/14735970.2018.1430982
language
English
LU publication?
yes
id
e31a924a-e711-4ca8-bc9c-a7a509307883
date added to LUP
2018-05-14 13:36:35
date last changed
2018-05-14 13:36:35
@article{e31a924a-e711-4ca8-bc9c-a7a509307883,
  abstract     = {<p>Continental European jurisdictions have introduced corporate opportunities rules inspired by Anglo-American law. Despite a certain degree of homogeneity in substantive law, their monetary remedial systems still differ in common law and civil law jurisdictions. These differences matter because of the deterrence function connected to corporate opportunities remedies – deterrence being the core of fiduciary law. This article explains the divergences embedded in different legal traditions within a law and economics framework. It looks at potential developments of corporate opportunities remedies, drawing inspiration from a sample of European jurisdictions. Whereas UK law uses a vast array of remedies with high potential of deterrence and great flexibility in their application, civil law remedies are fewer, weaker and less flexible than the common law ones. However, the deterrence potential of civil law corporate opportunities remedies could be increased either through the introduction of criminal sanctions or future development of punitive damages doctrines.</p>},
  author       = {Corradi, Marco Claudio},
  issn         = {1473-5970},
  language     = {eng},
  month        = {04},
  pages        = {1--35},
  series       = {Journal of Corporate Law Studies},
  title        = {Securing corporate opportunities in Europe – comparative notes on monetary remedies and on the potential evolution of the remedial system},
  url          = {http://dx.doi.org/10.1080/14735970.2018.1430982},
  year         = {2018},
}