Tyveri ved højlys dag: Majoritetsmisbrug i fåmandsselskaber

Troels Michael Lilja, Cecilie Elgaard Christensen, Malene Høj Hansen

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

Resumé

The article examines the scope of minority protection with focus on the prohibition of majority abuse in the Danish Companies Act’s general clauses. The analysis shows that shareholders in close corporations are to some extend obliged to act with loyalty towards each other. This is due to the nature of the firm that stipulates an underlying implicit agreement, which is covered by the contractual duty of loyalty. However, the duty of loyalty is not stated in corporate law and is neither clarified in accompanying case law, which creates an uncertain position for the minority. The general clauses only include qualified types of abuse that constitute an »obvious« and »unjust« benefit. Even though »unjust benefit« is limited by the duty of loyalty, the literal interpretation is inconsistent with the purpose of the clauses, as they aim to protect the minority from hidden discrimination. In general, the minority has a low incentive to prosecute the majority for suspected majority abuse, as the chances of winning is low due to the difficult burden of proof, as well as the litigation costs. Thus, the majority has a high incentive to commit abuse, as the risk of lawsuit is low, and the majority only risks having to pay litigation costs and a compensation equal to his profit gained from the abuse.
OriginalsprogDansk
TidsskriftNordisk Tidsskrift for Selskabsret
Vol/bind21
Udgave nummer3
Sider (fra-til)52-75
Antal sider24
ISSN1399-140X
StatusUdgivet - 2019

Bibliografisk note

Artiklen bygger på Cecilie Elgaard Christensen og Malene Høj Hansens kandidatafhandling på cand.merc.(jur.) med titlen »Minoritetsbeskyttelse i selskaber med begrænset ejerkreds i juridisk og retsøkonomisk perspektiv«, som blev udarbejdet under vejledning af Troels Michael Lilja og Henrik Lando. Artiklen er fuldstændig omarbejdet, men benytter det samme datagrundlag.

Citer dette

Lilja, Troels Michael ; Elgaard Christensen, Cecilie ; Høj Hansen, Malene. / Tyveri ved højlys dag : Majoritetsmisbrug i fåmandsselskaber. I: Nordisk Tidsskrift for Selskabsret. 2019 ; Bind 21, Nr. 3. s. 52-75.
@article{3667fddf5db84b6fbc6d596ff28c2ac8,
title = "Tyveri ved h{\o}jlys dag: Majoritetsmisbrug i f{\aa}mandsselskaber",
abstract = "The article examines the scope of minority protection with focus on the prohibition of majority abuse in the Danish Companies Act’s general clauses. The analysis shows that shareholders in close corporations are to some extend obliged to act with loyalty towards each other. This is due to the nature of the firm that stipulates an underlying implicit agreement, which is covered by the contractual duty of loyalty. However, the duty of loyalty is not stated in corporate law and is neither clarified in accompanying case law, which creates an uncertain position for the minority. The general clauses only include qualified types of abuse that constitute an »obvious« and »unjust« benefit. Even though »unjust benefit« is limited by the duty of loyalty, the literal interpretation is inconsistent with the purpose of the clauses, as they aim to protect the minority from hidden discrimination. In general, the minority has a low incentive to prosecute the majority for suspected majority abuse, as the chances of winning is low due to the difficult burden of proof, as well as the litigation costs. Thus, the majority has a high incentive to commit abuse, as the risk of lawsuit is low, and the majority only risks having to pay litigation costs and a compensation equal to his profit gained from the abuse.",
author = "Lilja, {Troels Michael} and {Elgaard Christensen}, Cecilie and {H{\o}j Hansen}, Malene",
note = "Artiklen bygger p{\aa} Cecilie Elgaard Christensen og Malene H{\o}j Hansens kandidatafhandling p{\aa} cand.merc.(jur.) med titlen »Minoritetsbeskyttelse i selskaber med begr{\ae}nset ejerkreds i juridisk og rets{\o}konomisk perspektiv«, som blev udarbejdet under vejledning af Troels Michael Lilja og Henrik Lando. Artiklen er fuldst{\ae}ndig omarbejdet, men benytter det samme datagrundlag.",
year = "2019",
language = "Dansk",
volume = "21",
pages = "52--75",
journal = "Nordisk Tidsskrift for Selskabsret",
issn = "1399-140X",
publisher = "Dj{\o}f Forlag",
number = "3",

}

Lilja, TM, Elgaard Christensen, C & Høj Hansen, M 2019, 'Tyveri ved højlys dag: Majoritetsmisbrug i fåmandsselskaber', Nordisk Tidsskrift for Selskabsret, bind 21, nr. 3, s. 52-75.

Tyveri ved højlys dag : Majoritetsmisbrug i fåmandsselskaber. / Lilja, Troels Michael; Elgaard Christensen, Cecilie; Høj Hansen, Malene.

I: Nordisk Tidsskrift for Selskabsret, Bind 21, Nr. 3, 2019, s. 52-75.

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

TY - JOUR

T1 - Tyveri ved højlys dag

T2 - Majoritetsmisbrug i fåmandsselskaber

AU - Lilja, Troels Michael

AU - Elgaard Christensen, Cecilie

AU - Høj Hansen, Malene

N1 - Artiklen bygger på Cecilie Elgaard Christensen og Malene Høj Hansens kandidatafhandling på cand.merc.(jur.) med titlen »Minoritetsbeskyttelse i selskaber med begrænset ejerkreds i juridisk og retsøkonomisk perspektiv«, som blev udarbejdet under vejledning af Troels Michael Lilja og Henrik Lando. Artiklen er fuldstændig omarbejdet, men benytter det samme datagrundlag.

PY - 2019

Y1 - 2019

N2 - The article examines the scope of minority protection with focus on the prohibition of majority abuse in the Danish Companies Act’s general clauses. The analysis shows that shareholders in close corporations are to some extend obliged to act with loyalty towards each other. This is due to the nature of the firm that stipulates an underlying implicit agreement, which is covered by the contractual duty of loyalty. However, the duty of loyalty is not stated in corporate law and is neither clarified in accompanying case law, which creates an uncertain position for the minority. The general clauses only include qualified types of abuse that constitute an »obvious« and »unjust« benefit. Even though »unjust benefit« is limited by the duty of loyalty, the literal interpretation is inconsistent with the purpose of the clauses, as they aim to protect the minority from hidden discrimination. In general, the minority has a low incentive to prosecute the majority for suspected majority abuse, as the chances of winning is low due to the difficult burden of proof, as well as the litigation costs. Thus, the majority has a high incentive to commit abuse, as the risk of lawsuit is low, and the majority only risks having to pay litigation costs and a compensation equal to his profit gained from the abuse.

AB - The article examines the scope of minority protection with focus on the prohibition of majority abuse in the Danish Companies Act’s general clauses. The analysis shows that shareholders in close corporations are to some extend obliged to act with loyalty towards each other. This is due to the nature of the firm that stipulates an underlying implicit agreement, which is covered by the contractual duty of loyalty. However, the duty of loyalty is not stated in corporate law and is neither clarified in accompanying case law, which creates an uncertain position for the minority. The general clauses only include qualified types of abuse that constitute an »obvious« and »unjust« benefit. Even though »unjust benefit« is limited by the duty of loyalty, the literal interpretation is inconsistent with the purpose of the clauses, as they aim to protect the minority from hidden discrimination. In general, the minority has a low incentive to prosecute the majority for suspected majority abuse, as the chances of winning is low due to the difficult burden of proof, as well as the litigation costs. Thus, the majority has a high incentive to commit abuse, as the risk of lawsuit is low, and the majority only risks having to pay litigation costs and a compensation equal to his profit gained from the abuse.

UR - https://sfx-45cbs.hosted.exlibrisgroup.com/45cbs?url_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&ctx_enc=info:ofi/enc:UTF-8&ctx_ver=Z39.88-2004&rfr_id=info:sid/sfxit.com:azlist&sfx.ignore_date_threshold=1&rft.object_id=110978984568321&rft.object_portfolio_id=&svc.holdings=yes&svc.fulltext=yes

M3 - Tidsskriftartikel

VL - 21

SP - 52

EP - 75

JO - Nordisk Tidsskrift for Selskabsret

JF - Nordisk Tidsskrift for Selskabsret

SN - 1399-140X

IS - 3

ER -