Incomplete Contracts, Contingent Fiduciaries and a Director's Duty to Creditors. - Melbourne University Law Review

Incomplete Contracts, Contingent Fiduciaries and a Director's Duty to Creditors.

By Melbourne University Law Review

  • Release Date - Published: 2008-04-01
  • Book Genre: Law
  • Author: Melbourne University Law Review
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Incomplete Contracts, Contingent Fiduciaries and a Director's Duty to Creditors. Melbourne University Law Review read online review & book description:

[This article presents economic arguments for extending a limited form or fiduciary duty to creditors. It clarifies the two components of debtor-firm opportunism against creditors: director-opportunism and shareholder-opportunism. The analysis, carried out within the economic perspective of incomplete contracts, focuses on three elements: incomplete contracts, self-interest seeking individuals and consequential ex post opportunism. The emphasis is on suggesting that the catalyst for a fiduciary duty is the presence of opportunistic behaviour, rather than arguing that it will depend on when a firm is in, near, or in danger of insolvency.] INTRODUCTION

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