2003 Fiscal Year Final Research Report Summary
Alternative creditor -protection device instead of Legal Capital System
| Project/Area Number |
14520053
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Civil law
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| Research Institution | Nagoya University |
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Principal Investigator |
KOBAYASHI Ryo Nagoya University, Graduate School of Law, Professor, 大学院・法学研究科, 教授 (60186781)
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| Project Period (FY) |
2002 – 2003
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| Keywords | Legal Capital / Prediction of Bankruptcy / Rating Agency / Credit Insurance / Directors' Disqualification / Protection of Companies' Creditors |
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| Research Abstract |
Supposing that it is not effective device to protect companies' creditors, legal capital system is abandoned in America nearly thirty years ago. Also in Japan and European countries, its effectiveness is doubted and from the viewpoint of effective asset management and promotion of new entry, abolishment of legal capital system is examined. So, by this research, it is considered, what kind of effective alternative device to protect creditors are there in place of legal capital system. First, in the various European countries, Credit Insurance is sold. In England, there is Companies Directors' Disqualification to protect creditors. And in America, by the use of method, such as Rating Agency, creditors can protect themselves.
In Japan, recently, Credit Insurance and Rating Agency have become to be used.
So, It is concluded that the foundation to abandon Legal Capital System is built up now in Japan, so it must be abolished.
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