No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted

Le droit préférentiel de souscription est un droit individuel de l'actionnaire dont le régime d'exercice a été souligné par une actualité récente. Ce droit a été évoqué à propos des actions de préférence, des abus de majorité et des avantages particuliers. Il est expressément consacré par la loi. La comparaison du droit préférentiel de souscription dans les systèmes juridiques libanais et français a dévoilé la parenté d'origine des deux systèmes, ainsi que des failles dans le premier. Des projets de réformes sont proposés pour placer les sociétés libanaises à égalité avec leurs concurrentes étrangères qui bénéficient d'un règlement mieux adaptées à leurs exigences. Le droit préférentiel de souscription n'est pas reconnu comme un droit intangible. Notre thèse démontre, d'une part, que ce droit constitue la meilleure protection pour les actionnaires. D'autre part, elle montre que la suppression du droit préférentiel de souscription ne peut intervenir que sous la double condition d'une information suffisante des actionnaires et d'un prix d'émission d'actions nouvelles minimum. / The preferential subscription right is an individual right of shareholders which the regime of exercise has been highlighted by recent events. This right has been mentioned regarding preference shares, majority abuse and special advantages. This right is expressly dedicated by the law. The comparison of preferential subscription right in the Lebanese and French legal systems points out the historical relation between the two systems, as well as presence of faults in the first. Reform projects are suggested in order to put the Lebanese companies at the same level with her competing companies. The preferential subscription right is not recognized as an intangible right. Our thesis reveals, firstly, that this right constitutes a perfect protection for the shareholders. Secondly, it indicates that the suppression of the preferential subscription right can only occur under the double condition of sufficient information of the shareholders and an issue price of new shares.

This thesis aims to investigate the effects of the Swedish minimum capital requirement in relation to the Swedish private limited liability companies. The issue of whether there should be a requirement for minimum share capital has been debated in Sweden and the rest of the European Union. Sweden and other continental European countries have a tradition of providing a minimum share capital requirement in order to provide creditor protection. Countries that administer an Anglo-Saxon tradition such as England and the United States do not express the same belief in the minimum share capital’s function as creditor protection and has therefore abolished these requirements. The European Union’s Second Company Law Directive provides a minimum share capital of EUR 25,000 for companies similar to the Swedish public limited liability company. The companies comparable to the Swedish private limited liability companies is thus regulated under the law of the Member States themselves. In Sweden the frequently used arguments for abolishing the minimum share capital requirement are the rule’s dysfunction as creditor protection, the fact that the minimum share capital does not consider the specific capital demand of the company and the potential obstacle effect on entrepreneurship. The author agrees with these arguments but emphasises the minimum share capital’s function as an “entrance fee” to the private limited liability company form as an argument why the requirement should maintain in Swedish company law. The rules in ABL regarding protection of restricted equity could be replaced by a solvency-sufficiency test similar to the provision in § 6.40 MBCA. The minimum share capital’s obstacle effect on entrepreneurship could be reduced by introducing a beneficial loan with low interest rate provided by the state or the municipalities.

Sänkningen av aktiekapitalkravet från 100 000 till 50 000 SEK den 1 april 2010, förverkligades för att förbättra de institutionella villkoren för de privata aktiebolagen och för att fungera som ett incitament till att öka småföretagande. Syftet med denna uppsats är att undersöka om de privata aktiebolagen har valt att lösgöra eller behålla sitt aktiekapital efter denna nya regel och varför. Dessutom ämnar studien att undersöka om det finns skillnader mellan de som väljer att minska eller att behålla sitt aktiekapital avseende bransch, ålder och omsättning. Studien baseras på en enkätundersökning som innefattar 212 respondenter. De resultat som denna undersökning kommer fram till är:  Att majoriteten av de privata aktiebolagen har valt att behålla sitt aktiekapital. Att anledningen bakom att behålla aktiekapitalet är att bevara företagets kreditvärdighet, att använda aktiekapitalet i verksamheten och för att proceduren med att sänka aktiekapitalet anses vara krångligt och tidskrävande. Framförallt anser inte dessa företag att en minskning av aktiekapitalet har någon större betydelse då det mesta av minskningen antingen försvinner i form av beskattning eller att mängden 50 000 SEK inte anses vara en väsentlig summa. Skillnaderna mellan de privata aktiebolagen utgörs endast av omsättningsvolym. För företag med omsättning över 3 000 000 SEK/år tenderar en minskning av aktiekapitalet att avta helt och förkommer bland företagen med mindre omsättning än 3 000 000 SEK/år.  Detta innebär att de privata aktiebolagen som ingår i studien inte upplever möjligheten till att sänka aktiekapitalet som en förbättring av de institutionella villkoren eller som ett incitament, där regeln inte alls anses ha någon inverkan för företagen. / The reduction of share capital requirement from 100 000 to 50 000 SEK, which was implemented April 1, 2010 to improve the institutional conditions for the private limited companies and to act as an incentive to increase small businesses. The purpose of this essay is to examine whether the private limited companies have chosen to reduce or maintain its share capital after this new rule and why. In addition, the study intends to investigate whether there are differences between those who have chosen to reduce or maintain its share capital regarding branch, age and revenue. The study is based on a survey involving 212 respondents. The results of this study are the following: The majority of the private limited companies have chosen to maintain their share capital. The reason behind keeping the share capital is to maintain the company’s credit rating, to use the share capital in their respective the business and because of the process of lowering the share capital is considered to be complex and time consuming. Above all, these companies do not consider a reduction of share capital having a greater significance when most of the reduction either disappear in the form of taxation or the amount of 50 000 SEK is not considered as a substantial amount.  The differences among the private limited companies consist only of revenue. For companies with revenue of more than 3 000 000 SEK/year, tends a reduction of share capital to subside completely and occurs among the companies with turnover less than 3 000 000 SEK/year. This means that the private limited companies do not perceive the possibility of lowering the share capital as an improvement of the institutional conditions or as an incentive where the reduction of share capital requirement is not considered to have any impact on businesses.

La tesi analizza in particolare un tema specifico relativo all’operazione di trasformazione transfrontaliera di società comunitarie ed extracomunitarie in società italiane. Il trasferimento della sede sociale di una società straniera in Italia con mutamento della forma giuridica implica il cambiamento della lex societatis applicabile alla società che, a seguito della trasformazione, è assoggettata all’ordinamento giuridico italiano. La questione più rilevante è quella relativa alla conformità alle condizioni richieste per il tipo sociale adottato, in particolare il rispetto del principio di effettività ed integrità del capitale sociale delle società di capitali. Per questa ragione gli artt. 2465 e 2343 c.c. richiedono a tal fine in sede di conferimenti di beni in natura da imputarsi a capitale sociale un’apposita documentazione volta a garantire ed attestare la copertura del capitale sociale. Parimenti ciò avviene nel caso di trasformazione interna in società di capitali ai sensi dell’art. 2500-ter c.c. La questione è quindi se e in quali casi possa essere richiesto il rispetto di predette norme in sede di trasformazione internazionale tra società di capitali e se ciò sia compatibile con i principi enunciati dalla giurisprudenza della Corte di Giustizia. / The thesis focuses on a specific issue related to the cross-border conversion of companies from EU and non-EU countries into companies subject to the Italian law. The transfer of the seat of a foreign company in Italy with a cross border conversion changes the lex societatis of that company which is, after the conversion, subjected to the Italian legal system. The most important issue related to is the compliance with the conditions required for the legal form adopted, in particular compliance with the principles of effectiveness and integrity of the share capital. For this reason the rules written by the artt. 2343 and 2465 of the Civil Code require a specific documentation in order to safeguard and certify the formation of the share capital. Likewise, this happens in the case of conversion in a limited liability company pursuant to art. 2500-ter c.c. The question is therefore that relating to whether and in which cases the compliance with these rules is required in the context of cross-border conversion between limited liability companies and if this measure is compatible with the principles set out in the jurisprudence of the Court of Justice.

According to the Government of Sweden, limited companies are the most advantageous form of company. A limited company must by Swedish law have a start-up capital that is not allowed to be taken out of the company. In 2010, the limit for share capital in private limited companies was lowered from SEK 100 000 to SEK 50 000. In 2019 the Government presented the memorandum Ds 2019:6, which discusses the proposal to reduce the share capital further to SEK 25 000. This proposal passed and took effect on January 1, 2020.  The purpose of this study is to examine the stakeholders' attitudes to the share capital in private limited companies being reduced from SEK 50 000 to SEK 25 000. This involves identifying the risks and consequences of the change in share capital for stakeholders and for the company based on consultation responses. The study examines whether the proposal regarding reduced share capital can be affected by the power of individual stakeholders. An abductive research approach has been used in the study because the purpose is to create increased understanding, which is done through interpretation to create meaning in collected data based on theory. The study analyzes documents to examine stakeholders' attitudes to the proposal. This with the help of collected consultation responses collected by the Ministry of Justice. A total survey is carried out where 32 consultation responses are compiled and analyzed. A qualitative content analysis is therefore used in the study to make interpretations and find patterns in the stakeholders' attitudes. The results of the study show that the majority of stakeholders have a negative attitude to the proposal of a reduced share capital. The combined effects and consequences that the stakeholders believe may come from the change in the law are predominantly negative. The stakeholders' negative attitude to the proposal is because they believe that there may be an increase in financial crime in limited companies. The positive attitudes that the stakeholders present regarding the proposal contributing to increased entrepreneurship are in contrast to the fact that a lack of competence can increase in step with an increased number of limited companies. Stakeholders show a negative attitude because they believe that it leads to more cases where liability according to Swedish ABL and liability breakthroughs occurs. Based on these conclusions, the stakeholders consider that regardless of their attitude towards the proposal, they are considered to have no significant impact on the proposal of a reduced share capital. / Enligt Sveriges riksdag är aktiebolag den mest fördelaktiga bolagsformen. Ett aktiebolag måste enligt svensk lag ha ett startkapital som inte får lov att tas ut ur bolaget. År 2010 sänktes gränsen för aktiekapitalet i privata aktiebolag från 100 000 kronor till 50 000 kronor. Regeringen presenterade vidare promemorian Ds 2019:6 som diskuterar förslaget om att sänka aktiekapitalet ytterligare till 25 000 kronor. Detta lagförslag gick igenom och trädde i kraft 1 januari 2020.  Syftet med denna studie är att undersöka intressenternas attityder till att aktiekapitalet i privata aktiebolag sänks från 50 000 kronor till 25 000 kronor. Syftet med studien är även att kartlägga de risker och konsekvenser som förändringen av aktiekapitalet innebär för intressenter och för företaget utifrån remissvar. I studien undersöks även om förslaget gällande sänkt aktiekapital kan påverkas av enskilda intressenters makt. En abduktiv forskningsansats tillämpas i studien eftersom syftet är att skapa ökad förståelse vilket görs genom tolkning för att skapa mening i insamlade data med grund i teori. Avsikten med studien är att analysera dokument för att undersöka intressenternas attityder till lagförslaget. Detta görs med hjälp av insamlade remissvar som Justitiedepartementet samlat in. En totalundersökning utförs där 32 stycken remissvar sammanställs och analyseras. En kvalitativ innehållsanalys används därför i studien för att göra tolkningar och finna mönster i intressenternas attityder. Resultatet av genomförd undersökning visar att majoriteten av intressenterna har en negativ attityd till lagförslaget om ett sänkt aktiekapital. De sammanställda effekterna och konsekvenserna som intressenterna anser kan komma från lagförändringen är övervägande negativa. Intressenternas negativa attityd till förslaget är ett resultat av att de anser att det kan ske en ökning av ekonomisk brottslighet i aktiebolag. De positiva attityder som intressenterna presenterar angående att lagförslaget bidrar till ökat företagande, ställer sig i kontrast till att bristande kompetens kan öka i takt med ökade antal aktiebolag. Intressenterna visar negativ attityd eftersom de anser att det leder till fler fall där ansvar enligt ABL och ansvarsgenombrott förekommer. Utifrån dessa slutsatser anser intressenterna att oberoende deras attityd så har de inte någon väsentlig påverkan gällande lagförslaget om sänkt aktiekapital.

Sammanfattning Forskningsfrågor Vilket samband finns mellan sänkningen av kapitalkravet för privata aktiebolag från 100 000 kronor till 50 000 kronor och deras överlevnadsförmåga? Vilket samband finns mellan sänkningen av kapitalkravet för privata aktiebolag från 50 000 kronor till 25 000 kronor och deras överlevnadsförmåga? Syfte Syftet med studien är att undersöka vilken påverkan sänkta krav på investeringskapital har för privata aktiebolags förmåga att överleva på marknaden. Metod Studien har genomförts med en kvantitativ metod baserad på sekundärdata. Sekundärdatan innehåller information om antal företagskonkurser, dess aktiekapital och antal aktiva år utifrån två olika startår, 2010 och 2020. Datan är hämtad från databasen Retriever Business och sammanställts manuellt i ett excel-dokument. Datan har utifrån sammanställningen analyserats med hjälp av linjär regression. Studiens analysmetod har använts för att undersöka eventuell korrelation mellan två variabler. De två studerade variablerna är aktiekapital och antal aktiva år. Slutsats De statistiska mätningarna som utförts ger inga indikationer på att det skulle finnas ett samband mellan det sänkta kapitalkravet och företags överlevnad i något av fallen. Trots att mätningarna från 2020 visade en positiv riktning, visar korrelationen mellan variablerna på mycket svagt samband från båda de studerade åren. Hypotesprövningen visar att nollhypotesen inte kan förkastas i något av fallen, till följd av p-värde som överstiger 0,05. Slutligen kan utifrån insamlade data konstateras att majoriteten av företagskonkurserna från båda de studerade åren hade ett aktiekapital i lägsta intervall, 75,6 procent från 2010 och 91 procent från 2020. / Abstract Reasearch questions What are the connections between the lowering of the share capital for private limited companies from 100 000 sek to 50 000 sek and their survivability? What are the connections between the lowering of the share capital for private limited companies from 50 000 sek to 25 000 sek and their survivability? Purpose The purpose of this study is to investigate the impact of reduced share capital and the company´s survivability. Method The study has been done with a quantitative method based on secondary data. The secondary data contains information about the number of business bankruptcies, their share capital and number of their active years based on two different atarting years, 2010 and 2020. The data is picked from the database Retriever Business and has been compiled in Excel. The data has from excel analyzed using linear regression. The analysis method is chosen to examine possible correlation between two variables. The two variables are share capital and the number of years when the company has been active. Conclusion The statistical measurements that have been carried out give no indication that there would be a connection between the lowered capital requirement and the companieś survival. The correlation between the variables shows a very weak connection, even though the measurements from 2020 showed a positive development direction. Through a hypothesis cannot be rejected in either case, as a result of a p-value that exceeds 0,05. Finally, based on collected data ascertain that the majority of the corporate bankruptcies from both years have a share capital in the lowest interval, 75,6 percent for 2010 and 91 percent frpm 2020.

Incapaz de tematizar a conexão interna do valor com as diversas formas sociais que constituem o modo de produção capitalista, a Economia Política não consegue desvendar as tendências imanentes deste modo peculiar de organização da vida material da sociedade, o que a impede de interpretar de maneira consistente o devir histórico da economia capitalista como um todo, bem como o de suas formas particulares consideradas individualmente. Neste trabalho, veremos que tal deficiência fica particularmente clara nas considerações dos economistas sobre o capital acionário (parte I). Marx, ao se propor desenvolver logicamente as formas através das quais a lei do valor pode se impor sobre o metabolismo social, supera a unilateralidade da Economia Política (parte II). No entanto, ele não esclarece exatamente como deve ser pensada a relação entre o desenvolvimento lógico-sistemático das formas da economia burguesa e o devir histórico dessas formas propriamente dito. Por isso, após deduzir a forma-valor capital acionário, proporemos, com base nas semelhanças entre o conceito marxiano de capital e o sujeito absoluto apresentado por Hegel, uma interpretação da história do capital acionário inspirada na filosofia hegeliana da história (parte III). Finalmente, depois de constatar que, apesar de sua proficuidade, a interpretação em moldes hegelianos da história do capital acionário não é plenamente consistente, tentaremos evidenciar a incompatibilidade entre o Espírito Absoluto hegeliano e o conceito marxiano de capital, o que nos permitirá empreender uma interpretação das transformações recentes do capital acionário inspirada na Crítica da Economia Política (parte IV). / Incapable of conceiving the unity of the value-form with the other forms of the capitalist mode of production, Political Economy cannot reveal the internal tendencies of the capitalist economy as such. Consequently, it cannot understand the historical developments of this kind of economic organization. This incapability gets particularly clear when one examines economic theories on share capital. Through the logical development of the forms of value, Marx overcame such limits of Political Economy. What he did not clarify however was how one should conceive the relation between the logical development of the forms of value and the historical development of capital as such. Based on the similarities between Marx\'s concept of capital and Hegel\'s concept of Absolute Spirit, we will test the hypothesis that the latest transformations of share capital can be understood as a result of its increasing conformation to its concept. We shall see that although it can help us understanding some features of these transformations, a hegelian interpretation of it is not fully consistent. That is why, after revealing the most important differences between the hegelian concept of absolute spirit and the marxian concept of capital, we shall try to comprehend how exactly the Critique of Political Economy can help us understanding historical changes in the capitalist mode of production, and particularly the latest historical developments of share capital.

Incapaz de tematizar a conexão interna do valor com as diversas formas sociais que constituem o modo de produção capitalista, a Economia Política não consegue desvendar as tendências imanentes deste modo peculiar de organização da vida material da sociedade, o que a impede de interpretar de maneira consistente o devir histórico da economia capitalista como um todo, bem como o de suas formas particulares consideradas individualmente. Neste trabalho, veremos que tal deficiência fica particularmente clara nas considerações dos economistas sobre o capital acionário (parte I). Marx, ao se propor desenvolver logicamente as formas através das quais a lei do valor pode se impor sobre o metabolismo social, supera a unilateralidade da Economia Política (parte II). No entanto, ele não esclarece exatamente como deve ser pensada a relação entre o desenvolvimento lógico-sistemático das formas da economia burguesa e o devir histórico dessas formas propriamente dito. Por isso, após deduzir a forma-valor capital acionário, proporemos, com base nas semelhanças entre o conceito marxiano de capital e o sujeito absoluto apresentado por Hegel, uma interpretação da história do capital acionário inspirada na filosofia hegeliana da história (parte III). Finalmente, depois de constatar que, apesar de sua proficuidade, a interpretação em moldes hegelianos da história do capital acionário não é plenamente consistente, tentaremos evidenciar a incompatibilidade entre o Espírito Absoluto hegeliano e o conceito marxiano de capital, o que nos permitirá empreender uma interpretação das transformações recentes do capital acionário inspirada na Crítica da Economia Política (parte IV). / Incapable of conceiving the unity of the value-form with the other forms of the capitalist mode of production, Political Economy cannot reveal the internal tendencies of the capitalist economy as such. Consequently, it cannot understand the historical developments of this kind of economic organization. This incapability gets particularly clear when one examines economic theories on share capital. Through the logical development of the forms of value, Marx overcame such limits of Political Economy. What he did not clarify however was how one should conceive the relation between the logical development of the forms of value and the historical development of capital as such. Based on the similarities between Marx\'s concept of capital and Hegel\'s concept of Absolute Spirit, we will test the hypothesis that the latest transformations of share capital can be understood as a result of its increasing conformation to its concept. We shall see that although it can help us understanding some features of these transformations, a hegelian interpretation of it is not fully consistent. That is why, after revealing the most important differences between the hegelian concept of absolute spirit and the marxian concept of capital, we shall try to comprehend how exactly the Critique of Political Economy can help us understanding historical changes in the capitalist mode of production, and particularly the latest historical developments of share capital.