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The Comparison of Efficiency of Disqualification of Directors in New Czech Business Corporation Act and in the Legal System of England

Author

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  • Tomáš Moravec

    (Department of Business and European Law, Faculty of International Relations, University of Economics in Prague, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic)

  • Petr Valenta

    (Department of Business and European Law, Faculty of International Relations, University of Economics in Prague, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic)

Abstract

The article deals with regulation of director's disqualification in the new Czech Business Corporation Act and in the Company Directors Disqualification Act in England. The cornerstone of this article is to perform the economic analysis of the disqualification of directors according to the theory of Law and Economics. There are defined common and different points in both regulations. Furthermore this article derives and forecasts the probable number of court proceedings concerning disqualification before Czech courts in 2014. Moreover this article discusses the examples of a situation when the member of company body breaches the law or not. Last point of research is focused on asymmetric information and positive externalities of public register of disqualified persons. The article also provides future recommendation for legislator to create more effective rules.

Suggested Citation

  • Tomáš Moravec & Petr Valenta, 2015. "The Comparison of Efficiency of Disqualification of Directors in New Czech Business Corporation Act and in the Legal System of England," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 63(5), pages 1711-1717.
    • Handle: RePEc:mup:actaun:actaun_2015063051711
    DOI: 10.11118/actaun201563051711
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    References listed on IDEAS

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    1. Kaplow, Louis, 1994. "The Value of Accuracy in Adjudication: An Economic Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 23(1), pages 307-401, January.
    2. Kaplow, Louis & Shavell, Steven, 1994. "Accuracy in the Determination of Liability," Journal of Law and Economics, University of Chicago Press, vol. 37(1), pages 1-15, April.
    3. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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