Legal capital rules as a measure for creditor and shareholder protection
Date
2011-06-30
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Abstract
Osa- ja aktsiakapitali reeglitega määratakse osanike ja aktsionäride sissemaksete tasumise ning neile väljamaksete tegemise tingimused. Aktsiaseltside kapitalireeglid on EL-s reguleeritud 2. äriühinguõiguse direktiiviga ning selles osas on liikmesriikide valikuvabadused piiratud. Kuid kuna direktiiv kehtib üksnes aktsiaseltside suhtes ja ei reguleeri kõiki küsimusi, on liikmesriikidele antud teatud vabadus oma õiguskorra kujundamiseks. Tänapäeva ühinguõiguses on üheks suunaks väärtpaberiturul avalikult kaubeldavate aktsiatega aktsiaseltsidele varasemaga võrreldes kõrgemate nõuete kehtestamine ning teiste ühingute kohta käivate reeglite leevendamine. Eestis on kapitalireeglid püsinud põhiolemuselt muutumatutena alates 1995. aastast, reformitud on vaid üksikuid norme ning reformid on olnud vastuolulised. Töö eesmärgiks on leida vastus küsimustele, kas Eestis kehtivad kapitalireeglid (sissemakse tasumise tähtaeg, rahaliste sissemaksete tasumise kord, mitterahalise sissemakse hindamine, omakapitali kaotus ja osaühingu poolt oma osa omandamine) tagavad võlausaldajate ja osanike või aktsionäride tegeliku kaitse ning kas mõnes valdkonnas (allutatud laenud, vähemuse dividend) oleks vajadus kehtestada samade isikute kaitseks täiendavaid reegleid. Töös jõutakse järeldusele, et Eesti õiguses kehtivad kapitalireeglid ei taga efektiivselt ei võlausaldajate ja ega aktsionäride huve ning Eesti õigus ei järgi kohati üldisi arengusuundi. Sealjuures puudub mõnedel reeglitel selge kaitseobjekt, osa reegleid on ülemäärased ning mõned olulised küsimused on reguleerimata. Töös tehakse ettepanekud kehtivate kapitalireeglite muutmiseks ning aktsionäride või osanike laenude allutamise ja vähemuse dividendiõiguste kohta käivate reeglite kehtestamiseks.
Legal capital rules determine the requirements on the payments by the shareholders and distribution of the company's assets. Legal capital rules of the public companies are regulated by the 2nd Company Law directive and therefore the EU member states have only limited possibilities to establish their own regulation. However, as the directive is applicable for the public companies only and does not consist of the comprehensive regulation of legal capital, every member state has some freedom to design its own rules. The trends of the contemporary company law are strengthening the regulation on the listed companies and liberalization of the rules on the other, especially the private companies. Estonian legal capital rules have basically remained the same since 1995, only some rules have been reformed and the reforms have been controversial. The author's aim is to find a answers to the questions do the Estonian current legal capital rules on payment terms, valuation of the contribution in kind, loss of the equity capital and acquisition of the own shares by the company provide real and efficient protection to the creditors and the shareholders and would it be necessary to introduce a new regulation on subordination of shareholders loans and minority dividend rights. In opinion of the author of the thesis the Estonian current legal capital rules do not provide an efficient protection to the creditors and the shareholders; the Estonian company law does not follow the general trends as well. Some of the capital rules do not have a clear objective to protect any of the stakeholders, some rules are excessive and some important questions are not regulated at all. Author of the thesis makes a proposal to amend the current regulation and to introduce the regulation on the subordination of the shareholders loans and minority dividend rights.
Legal capital rules determine the requirements on the payments by the shareholders and distribution of the company's assets. Legal capital rules of the public companies are regulated by the 2nd Company Law directive and therefore the EU member states have only limited possibilities to establish their own regulation. However, as the directive is applicable for the public companies only and does not consist of the comprehensive regulation of legal capital, every member state has some freedom to design its own rules. The trends of the contemporary company law are strengthening the regulation on the listed companies and liberalization of the rules on the other, especially the private companies. Estonian legal capital rules have basically remained the same since 1995, only some rules have been reformed and the reforms have been controversial. The author's aim is to find a answers to the questions do the Estonian current legal capital rules on payment terms, valuation of the contribution in kind, loss of the equity capital and acquisition of the own shares by the company provide real and efficient protection to the creditors and the shareholders and would it be necessary to introduce a new regulation on subordination of shareholders loans and minority dividend rights. In opinion of the author of the thesis the Estonian current legal capital rules do not provide an efficient protection to the creditors and the shareholders; the Estonian company law does not follow the general trends as well. Some of the capital rules do not have a clear objective to protect any of the stakeholders, some rules are excessive and some important questions are not regulated at all. Author of the thesis makes a proposal to amend the current regulation and to introduce the regulation on the subordination of the shareholders loans and minority dividend rights.
Description
Väitekirja elektrooniline versioon ei sisalda publikatsioone.
Keywords
võlausaldajad, aktsionärid, aktsiakapital, kapitalireeglid, dissertatsioonid, creditors, shareholders, share capital, legal capital rules