تحلیل سرمایۀ قانونی و کارکرد آن در حمایت از حقوق طلبکاران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری حقوق تجارت و سرمایه‌گذاری بین‌المللی دانشگاه شهید بهشتی

2 استادیار گروه حقوق اقتصادی دانشکدۀ حقوق دانشگاه شهید بهشتی

چکیده

تحدید مسئولیت سهامداران به میزان آوردۀ آنان در شرکت‌های از نوع مسئولیت محدود، طلبکاران شرکت را همواره در معرض ریسک تأدیه نشدن مطالباتشان قرار می‌دهد. به همین دلیل، سرمایۀ قانونی از دیرباز به‌عنوان راهکاری سنتی برای حمایت از حقوق طلبکاران در برابر تحدید مسئولیت سهامداران شرکت تعبیه شده است. طبق قواعد سرمایۀ قانونی، نحوۀ تأمین حداقل سرمایه از جانب سهامداران و صیانت از آن طی فعالیت تجاری شرکت می‌تواند از حقوق طلبکاران حمایت کافی را به‌عمل آورد. لیکن، این موضوع امروزه مورد تردید قرار گرفته است، به‌نحوی که در برخی نظام‌های حقوقی رویکردی مدرن نسبت به سرمایۀ قانونی ایجاد شده است. رویکرد اخیر با استفاده از شروط قراردادی و قواعد حقوق ورشکستگی سعی دارد راهکارهای جایگزینی ارائه کند که به‌زعم آن خلأهای سرمایۀ قانونی را برطرف سازد و از حقوق طلبکاران حمایت بیشتری به‌عمل آورد. مقالۀ پیش‌رو، ضمن بررسی رویکردهای سنتی و مدرن به سرمایۀ قانونی، پیشنهاد‌هایی را برای اصلاح قوانین فعلی ایران ارائه می‌کند و اتخاذ رویکرد میانه در حقوق ایران را بهترین راهکار برای حمایت از حقوق طلبکاران می‌داند.

کلیدواژه‌ها


عنوان مقاله [English]

The Analysis of Legal Capital and Its Function in Protection of Creditors Rights

نویسندگان [English]

  • Ehsan Solhi 1
  • Mohammad Soltani 2
1 Law Faculty,, Shahid Beheshti University, Tehran, Iran
2 Member of Law Faculty, Shahid Beheshti University
چکیده [English]

Limitation of shareholders liability to the extent of their shares in a limited liability company, could expose creditors to the risk of default of their claims. Therefore, Legal Capital as a traditional solution has been devised long ago to protect creditors rights against limitation of company shareholders liability. According to Legal Capital rules, the procedures as to provision of minimum capital by shareholders and its maintenance during the business activity of the incorporation can sufficiently secure creditors rights. Nevertheless, this issue has been questioned nowadays and in some legal systems a modern approach to Legal Capital has been established. By means of covenants and insolvency law, this recent approach attempts to introduce alternative solutions which are believed to have obviated the shortcomings of Legal Capital and enhance the protection of creditors rights. In conjunction with the study of traditional and modern approaches to Legal Capital, this essay puts forward a recommendation on amendment of current Iranian Law and recognize an intermediate approach to be the most proper solution for protection of creditors rights in Iranian Law.

کلیدواژه‌ها [English]

  • Creditors’ Rights
  • Legal Capital
  • Limited Liability
  • Maintenance of Capital
  • Minimum Capital Requirement
الف) فارسی
1. اسکینی، ربیعا (1393). حقوق تجارت: شرکت‌های تجاری، ج 2، تهران: سمت.
2. دمرچیلی، محمد؛ حاتمی، علی؛ قرائی، محسن (1389). قانون تجارت در نظم حقوقی کنونی، تهران: دادستان.
3. ستوده تهرانی، حسن (۱۳۹۵). حقوق تجارت، ج 2، تهران: دادگستر.
4. باباجانی، جعفر؛ پورزرندی، حسین محمد؛ موسوی، مصطفی؛ عالی­ور، عزیز؛ علی­مدد، مصطفی  (1391). مبانی نظری حسابداری و گزارشگری مالی در شهرداری: بررسی تطبیقی حوزه‌های اساسی حسابداری، ج 2، تهران: مرکز چاپ نشر شهر.
 
ب) خارجی
5. Arminger, Josef (2013). “Solvency Tests – An Alternative to the Rules for Capital Maintenance Within the Balance Sheet in the European Union”, ACRN Journal of Finance and Risk Perspectives, Vol. 2, Issue 1, pp.1-8
6. Armour, John (2000). “Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law”, The Modern Law Review. Vol. 63, Issue 3, pp. 355-378.

7. Armour, John (2006). “Legal Capital: An Outdated Concept?” European Business Organization Law Review, Vol. 7, Issue 1, pp. 5-27.

8. Andenas, Mads; Wooldridge, Frank (2009). European Comparative Company Law, Cambridge: Cambridge University Press.
9. Baird, Douglas G. (2006). “Legal Approaches to Restricting Distributions to Shareholders: The Role of Fraudulent Transfer Law”, European Business Organization Law Review, Vol.7, Issue. 1, pp. 199-215.
10. Bebchuk, Lucian A.; Kahan, Marcel  (1989). “Fairness Opinions: How Fair Are They and What Can be Done About It?”, Duke Law Journal, Vol. 38, No. 1, pp. 27-53.
11. Becht, Marco; Mayer, Colin; Wagner, Hannes F.  (2008). “Where Do Firms Incorporate? Deregulation and The Cost of Entry”, Journal of Corporate Finance, Vol. 14, Issue 3, pp. 241-256.
12. Cahn, Andreas; Donald, David C. (2018). Comparative Company Law, Cambridge: Cambridge University Press.
13. Gerner-Beuerle, Carsten; Schillig, Michael A. (2019). Comparative Company Law, Oxford: Oxford University Press.
14. Chang Ha, Joon (2014). Economics: The User’s Guide, New York: Bloomsbury Press.
15. Davies, Paul (2010). Introduction to Company Law, Oxford: Oxford University Press.
16. Davies, Paul; Lyndon, Worthington Sarah; Gower, Laurence; Cecil, Bartlett; Micheler, Eva (2003). Gower and Davies’ Principles of Modern Company Law, London: Sweet & Maxwell.  
17. Dinov, Stanyo (2015). “The Concept of Legal Capital Does Not in Principle Provide Effective Protection to Creditors”, International Corporate Rescue, Vol. 12, Issue 5, pp. 307-315.
18. Dooley, Michael P.; Goldman Michael, D.  (2001). “Some Comparisons Between the Model Business Corporation Act and the Delaware General Corporation Law”, The Business Lawyer, Vol. 56, Issue2, pp. 737-766.

19. Easterbrook, Frank H; Fischel, Daniel R.  (1985). “Limited Liability and the Corporation”, University of Chicago Law Review, Vol. 52, Issue 1, pp. 89-117.

20. Enriques, Luca; Gelter, Martin  (2008). “How the Old World Encountered the New One: Regulatory Competition and Cooperation in European Corporate and Bankruptcy Law”, Harvard Law School, Discussion Paper No. 19.
21. Ferran, Eilis; Chan Ho, Look (2014). Principles of Corporate Finance Law, Oxford: Oxford University Press.
22. Ferran, Eilis (2006). “Place for Creditor Protection on the Agenda for Modernisation of Company Law in the European Union”, European Company and Financial Law Review, Vol. 3, Issue 2, pp. 178-221.
23. Gullifer, Louise; Payne, Jennifer (2015). Corporate Finance Law: Principles and Policy, New York: Bloomsbury Publishing.
 24. Gelter, Martin; Reif, Alexander A.  (2017). “What Is Dead May Never Die: the UK’s Influence on EU Company Law”, Fordham International Law Journal, Vol. 40, Issue.5, pp. 1413-1441.
25. Hopt, Klaus J.; Wymeersch, E. (2003). Capital Markets and Company Law, Oxford: Oxford University Press.
26. Hanks, James J. Jr. (2011). “Legal Capital and the Model Business Corporation Act: An Essay for Bayless Manning”, Law and Contemporary Problems, Vol. 74, Issue 1, p. 211-230.
27. Ho, Jon Kong Shan (2017). “Revisiting the Legal Capital Regime in Modern Company Law”, The Journal of Comparative Law, Vol. 12, Issue 1, pp.1-21.
28. Keustermans, Jeff (1986). “Countertrends in Financial Provisions for the Protection of Corporate Creditors: The Model Business Corporation Act and the E.E.C. Corporate Directives”, Denver Journal of International Law and Policy, Vol. 14, Issue 3, pp. 275-298.
29. Kubler, Friedrich  (2005). “A Shifting Paradigm of European Company Law?”, Columbia Journal of European Law, Vol. 11, Issue 2, pp. 219-240.

30. Kraakman, Reinier (2017). The Anatomy of Corporate Law: A Comparative and Functional Approach, Oxford: Oxford University Press.

   31. Lutter, Marcus (2006). Legal Capital in Europe, Boston: Walter de Gruyter.
32. Manning, Bayless  (1985). “Assets and Assets out: Chapter VI of the Revised Model Business Corporation Act”, Texas Law Review. Vol. 63, Issue 8, pp. 1527-1535.
 33. Miola, Massimo (2005). “Legal Capital and Limited Liability Companies: The European Perspective” European Company and Financial Law Review, Vol.2, Issue 4, pp. 413-486.
34. Macey, Jonathan R.; Enriques, Luca  (2001). “Creditors Versus Capital Formation: The Case Against the European Legal Capital Rules”, Cornell Law Review, Vol. 86, Issue 6, pp. 1165-1204.
35. Mtwebana, Katja Fuchs  (2011). “The Regulation of Companies’ Capital in The European Union: What Is the Current State of Affairs?”, European Business Law Review, Vol. 22, Issue 2, pp. 237-260.
36. Mülbert, Peter O.  (2006). “A Synthetic View of Different Concepts of Creditor Protection”, European Business Organization Law Review, Vol. 7, Issue 1, pp. 357-408.
37. Mülbert, Peter O.; Brike, Max  (2002). “Legal Capital - Is There a Case against the European Legal Capital Rules?”, European Business Organization Law Review. Vol. 3, Issue 4, pp. 695-732.
38. Manning, Bayless; Hanks, James J. (1990). Legal Capital, St. Paul (Min.): Foundation Press.
39. McLaughlin, Susan (2013). Unlocking Company Law, London: Routledge.
40. OECD (2001). “Behind the Corporate Veil: Using Corporate Entities for Illicit Purposes”, OECD Publications Service.
41. Payne, Jeniffer (2008). “Legal Capital and Creditor Protection in UK Private Companies”, European Company Law Journal, Vol. 5, Issue 5, pp. 220-228.
42. Rickford, Johnathan (2004). “Reforming Capital: Report of the Interdisciplinary Group on Capital Maintenance”, European Business Law Review, Vol. 15, Issue 4, pp. 919-1027.
43. Santella, Paolo; Turrini, Riccardo (2008). “Capital Maintenance in the EU: Is the Second Company Law Directive Really That Restrictive?”, European Business Organization Law Review, Vol. 9, Issue 3, pp. 427-461.
44. Scarlino, Danilo (2018). “Zone of Insolvency, Directors’ Duties and Creditors’ Protection in U.S.”, European Business Law Review, Vol. 29, Issue 1, pp. 1-31.
45. Schön, Wolfgang  (2004). “The Future of Legal Capital”, European Business Organization Law Review, Vol. 5, Issue 3, pp. 429–448.

46. SmithJr, Clifford W. B.; Warner, Jerold  (1979). “On Financial Contracting: An Analysis of Bond Covenants”, Journal of Financial Economics, Vol. 7. Issue 2, pp. 117-161.

47. Sealy, Len; Worthington, Sarah (2013). Sealy & Worthington's Cases and Materials in Company Law, Oxford: Oxford University Press.

48. Tarelli, Elis (2015). “Basel II And the Protection of Creditors in Company Law: The Role of Banks as Financial Intermediaries in The Protection of Third Creditors of Debtor Companies”, Hamburg University LL.M Thesis.

49. Van der Linde, Kathleen (1999). “Capital Maintenance Is Dead - Long Live Solvency and Liquidity”, Juta's Business Law, Vol. 7, Issue 4, pp. 155-156.
50. Wymeersch, Eddy O. (2001). “Some Recent Trends and Developments in Company Law”, Financial Law Institute, Working Paper No. 2001-7.
51. Yoon Chin, Li; Kai, Wong Yong  (2002). “Deconstructing Share Par Value and Capital Maintenance: Reconstructing