Legal and Digital Regulations for Share Repurchase in Private Joint-Stock Companies: A Comparative Study with Emphasis on Technology Impact
摘要
The focus of this study is to examine the legal consequences of share repurchase in private joint-stock companies and its effect on the rights of creditors, while also delving into the influence of digital transformation on these processes. To begin, the study explores the concept of capital stability as a fundamental safeguard for creditors, considering both theoretical definitions and the legal frameworks that govern it. By analyzing and comparing legal texts and regulations with British legislation, the adequacy of these measures in protecting creditors’ rights and ensuring business continuity is evaluated. The study reveals that the capital of a private joint-stock company is a reflection of its financial solvency and its ability to fulfill its obligations, making it a crucial guarantee for creditors. However, the existing legislation, despite establishing a minimum capital requirement, needs to be reinforced with more stringent regulations and procedural controls, especially in the context of digitalization, to regulate share repurchases from capital. Furthermore, the study highlights that improper financing of share repurchases from a company’s capital can undermine the overall guarantee for creditors, emphasizing the necessity of implementing robust legal measures to safeguard their rights. Considering the impact of digital technologies on corporate practices, this study underscores the importance of updating legal frameworks to incorporate technological considerations. Based on these findings, the study provides several recommendations to improve legislation, including the amendment of existing laws, the establishment of monitoring mechanisms for the impact of share repurchases, the promotion of legal awareness among companies and creditors, and the examination of international best practices, particularly those that integrate digital tools.