Author Archives: Lorenz Böttcher

The Case for Market for Corporate Control in Korea

by Hwa-Jin Kim*

This article is published simultaneously in 8 Journal of Korean Law (2009) 227-276.

(2009) Oxford U Comparative L Forum 2 at ouclf.law.ox.ac.uk | How to cite this article

Abstract

This Article offers an assessment of the preliminary evidence that the market for corporate control functions as a disciplinary mechanism for poor corporate governance in Korea. It analyzes SK Corporation’s fight against Sovereign Asset Management, contest for control over the Hyundai Group, KT&G’s fight against Carl Icahn, and LG Group and Carlyle’s proxy contest against Hanaro Telecom, together with relevant laws and regulations. These high-profile cases dramatically exemplified the role of takeovers in the improvement of the corporate governance of Korean companies, and brought about active policy discussions in respect of the market for corporate control and takeover defenses. This Article will also provide a quick overview over the provisions in draft new Korean Commercial Code related to the market for corporate control and takeover defenses, including squeeze-out, poison pills, and dual-class commons. This Article argues that as the increasing exposure of control to the market could eliminate the inefficient controlling shareholder system in Korea, the new Korean Commercial Code should strike a balance between the active market for corporate control and effective takeover defensive tactics for the benefit of all shareholders and the value of the company.

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‘But We’ve Spent the Money’: Defending Overpaid Tax Claims under English and German Law

by Sabrina Nanchahal*

(2020) Oxford U Comparative L Forum 3 at ouclf.law.ox.ac.uk | How to cite this article

Despite extensive litigation concerning restitution claims against the tax authority in the English courts, the role and parameters of the change of position defence have not been satisfactorily established in this context. German law provides a clear example of how these issues can be addressed within a public law restitution framework. This article explores the conceptual basis for the German position before turning to the current English framework. An analysis of the application of the defence according to unjust enrichment principles emphasises the practical and conceptual difficulties the English courts have faced in such claims. In light of these issues, two alternative potential developments of the defence are examined with the aim of achieving a conceptually cohesive common law restitution framework.

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