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Shareholder Protection in Close Corporations
Theory, Operation, and Application of Shareholder Withdrawal
Introduction
Close corporations, which are legal forms popular with small and medium enterprises, are crucial to every major economy's private sector. However, unlike their public corporation counterparts, close corporation minority shareholders have limited exit options, and are structurally vulnerable in conflicts with majority or controlling shareholders.
Withdrawal Remedies
Withdrawal remedies—legal mechanisms enabling aggrieved shareholders to exit companies with monetary claims—are potent minority shareholder protection mechanisms.
Scope of the Book
This book critically examines the theory and operation of withdrawal remedies in four jurisdictions: the United States, the United Kingdom, Germany, and Japan. Developing and applying a theoretical and comparative framework to the analysis of these jurisdictions' withdrawal remedies, this book proposes a model withdrawal remedy that is potentially applicable to any jurisdiction.
Significance
With its international, functional, and comparative analysis of withdrawal remedies, it challenges preconceptions about shareholder remedies and offers a methodology for comparative corporate law in both scholarship and practice.
