Against fiduciary duties to corporate stakeholders

Article Abstract:

Expansive state fiduciary duty laws based on the stakeholder model are inefficient, unsupported empirically, and compromise effective corporate governance. Commentators have argued that the interests of creditors, workers, customers and the community must be incorporated into corporate decision-making. For a business to succeed, these interests do need to be addressed by management, but codifying such responsibilities in fiduciary duty law will compromise value to shareholders and chill investment. Shareholders are in the best position to enforce corporate accountability.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Fiduciary Regulations, Banking law, Fiduciaries, states

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Reexamining the fiduciary paradigm at corporate insolvency and dissolution: defining directors' duties to creditors

Article Abstract:

A number of Delaware corporate law provisions must be revised to resolve the nature and scope of duties that corporate directors may owe to creditors when the corporation is insolvent or nearing insolvency. Recent case law has expanded directors' duties, including In re RegO Co. in which additional duties were imposed for a corporation with legal claims against it. The law needs to incorporate proper notice requirements for corporations that are dissolving and must clarify what types of claims will lead to additional obligations by the corporation.

Liquidation

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The agile virtual corporation

Article Abstract:

A new form of doing business called the agile virtual corporation may become prominent in the 21st century, particularly if it is given legal recognition and legislation is enacted to encourage its growth. Such corporations may exist transactionally on the Internet or may be part of the internal structure of a traditional business form. Current laws governing areas such as fiduciary relationships, liabilities, and incorporation and dissolution are not adequate to define and regulate the agile virtual corporation. A legislative model is provided.

Management Functions, Research, United States, Competition (Economics), Forecasts and trends, International business enterprises, Multinational corporations, Management, Corporation law, Virtual corporations, international

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