Hyeok Joon Rho, Analysis of Major Cases on Corporate Law in 2020, Human Right and Justice, Vol. 496 (2021), pp. 111-135.
<Abstract>
Among those decisions rendered by the Korean Supreme Court in 2020, this paper focuses on corporate law cases dealing with critical jurisprudence. Eighteen major court decisions in this paper are classified as ① shares and shareholders, ② shareholders meeting, board and directors and ③ restructuring and other issues including appraisal remedies and illegal incorporations. Compared to prior periods: the year 2020 had many cases in the field of squeeze-outs; some follow-up questions were answered after the famous Supreme Court en banc decision in 2017 on who is legitimate shareholder; and more cases were adjudicated on directors compensation. Interestingly, several Supreme Court cases have same factual backgrounds with different legal claims, which implies a series of disputes among same parties continued in multiple litigations. Lastly, the Supreme Court adopted quite strict standards for the legality of leveraged buy-outs, which might contradict current legal practices.
<Keywords>
LBO, squeeze-out, shareholders’ list registration, equal treatment among shareholders, director compensation, duty to monitor
Hyeok Joon Rho, Analysis of Major Cases on Corporate Law in 2020, Human Right and Justice, Vol. 496 (2021), pp. 111-135.
<Abstract>
Among those decisions rendered by the Korean Supreme Court in 2020, this paper focuses on corporate law cases dealing with critical jurisprudence. Eighteen major court decisions in this paper are classified as ① shares and shareholders, ② shareholders meeting, board and directors and ③ restructuring and other issues including appraisal remedies and illegal incorporations. Compared to prior periods: the year 2020 had many cases in the field of squeeze-outs; some follow-up questions were answered after the famous Supreme Court en banc decision in 2017 on who is legitimate shareholder; and more cases were adjudicated on directors compensation. Interestingly, several Supreme Court cases have same factual backgrounds with different legal claims, which implies a series of disputes among same parties continued in multiple litigations. Lastly, the Supreme Court adopted quite strict standards for the legality of leveraged buy-outs, which might contradict current legal practices.
<Keywords>
LBO, squeeze-out, shareholders’ list registration, equal treatment among shareholders, director compensation, duty to monitor