Legal capital: an outdated concept

Preprint OPEN
John Armour;
(2006)
  • Subject: Corporate Law, Creditor Protection, Legal Capital, Regulatory Competition
    • jel: jel:G32 | jel:G38 | jel:K12 | jel:K22

This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that ev... View more
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