Foundations and tort law. Professor, ph.d. Rasmus Kristian Feldthusen, Faculty of Law, University of Copenhagen,

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1 Foundations and tort law Professor, ph.d. Rasmus Kristian Feldthusen, Faculty of Law, University of Copenhagen,

2 The research questions; To what extent can a right in a foundation s bylaws conferred in the interest of a third party constitute an interest protected by tort law? To what extent is a third party mentioned above able to directly sue the board of directors and/or others for losses incurred? Does it make any difference whether the foundation is in bankruptcy or a solvent liquidation? Rasmus K. Feldthusen 2

To what extent is a third party mentioned above able to directly sue the board of directors and/or

3 Foundation fundamentals

4 Fundamentals of foundation law A foundation is created by an irrevocable transfer of property by gift or will, The property may thus never revert to the founder, The foundation is a self-owned entity with legal personality, No one outside the foundation has any ownership rights to the property in the foundation The foundation must have a least one purpose, A board of directors is charged with fulfilling the foundation s purpose Rasmus K. Feldthusen 4

No one outside the foundation has any ownership rights to the property in the foundation The foundation must have

5 The Purpose A foundation must have at least one purpose and can have more; Charitable ( a wider and not ascertainable group of persons), Business (running a business, owning shares in a company or controlling the company by votingrights), Family (to the benefit of for example the founders family), Other (for example political) Rasmus K. Feldthusen 5

shares in a company or controlling the company by votingrights), Family (to the benefit

6 Pursuit of purpose A foundation may pursue it s purpose(s) in different ways; Donating money by means of distributions, Through activities (i.e. providing shelter free of charge for the homeless) Through running a business (i.e. renting out rooms for students) Owning and/or controlling one or more companies Rasmus K. Feldthusen 6

7 Dissolution of foundation A foundation is meant to last for an indefinite period, It may however be recommendable or necessary to terminate the foundation In case of a dissolution the surplus funds will be distributed to the recipients mentioned in the bylaws or to a similar purpose (Cypresprinciple) Rasmus K. Feldthusen 7

In case of a dissolution the surplus funds will be distributed to the recipients

8 Third party interests protected by tort law

9 Third parties in the law of commercial foundations It is assumed by the Danish supervisory authorities that beneficiaries (and founders) - as a point of departure - do not fall within the scope of third parties in the Law on Commercial Foundations 46, subsection 1. The reason for this is that a beneficiary does not have a right to demand a distribution from the foundation (discretionary power). Rasmus K. Feldthusen 9

parties in the Law on Commercial Foundations 46, subsection 1.

10 The Traugott Møller Case Founder established two foundations: ; 49, 5 mio. DKK equity capital Fonden for Møller og Co ; -16,4 mio. DKK (25. August 1961) equity capital Traugott Møller Fonden (31. August 1961) the underlying business was sold in a - Fonden for Møller og Co: management buy-out - Business purpose (only purpose) - Fonden for Møller og Co : 267,7 mio. DKK enters into liquidation; equity capital cheque DKK - 146,7 mio. DKK equity capital ; 97,8 mio. DKK equity capital Rasmus K. Feldthusen 10

August 1961) - 2008 the underlying business was sold in a - Fonden for Møller og Co: management buy-out - Business purpose (only

11 Bylaws of Fonden for Møller & Co. Ud fra den betragtning, at "Fonden for Møller & Co." er en erhvervsdrivende selvejende institution, mister FONDEN sit egentlige formål, såfremt det viser sig, at FONDENs ledelse - uden at dette dog behøver at være ledelsens fejl - ikke formår at tilvejebringe økonomisk tilfredsstillende resultater. FONDENs bestyrelse må derfor stedse erkende firma Møller & Co.'s sårbarhed herunder risikobærende aktiviteter og må ikke lade firma Møller & Co. eksistere længere under FONDEN, end klare driftsresultater berettiger til. Den ved likvidationen værende formue vil være at overføre til "Traugott Møllers Fond" som en gave til denne fond i takt med likvidationens afvikling...." Rasmus K. Feldthusen 11

ikke formår at tilvejebringe økonomisk tilfredsstillende resultater. FONDENs bestyrelse må derfor stedse erkende firma Møller & Co.

12 Lawsuit in 2008 Traugott Møller Fonden in 2008 sues the Board of Directors of Fonden for Møller og Co and its audit firm, Hvorvidt Traugott Møller Fonden har en interesse, der er erstatningsretligt værnet, til særskilt forhandling, jf. retsplejelovens 253, stk. 1. Maritime and Commercial High Court ruling 15 th of November 2011, Supreme Court ruling 17 th of January 2014 Rasmus K. Feldthusen 12

værnet, til særskilt forhandling, jf. retsplejelovens 253, stk. 1.

13 Maritime and Commercial High Court ruling 15 th of November 2011, Majority of judges: If a foundation incurs a loss as result of it s board of directors or accountants has acted wrongfully, the direct aggrieved party is the foundation itself, and hence it is the board of directors, or in the case of a foundation being liquidated, the liquidator, which pursuant to The Law of Commercial Foundations 44 may submit the loss the foundation may have suffered, cf. 45, which provides that the State Supervisor also has this right. Rasmus K. Feldthusen 13

directors, or in the case of a foundation being liquidated, the liquidator, which pursuant to The Law of Commercial Foundations 44 may

14 Maritime and Commercial High Court ruling 15 th of November 2011, As the board of directors, liquidator or state supervisor according to the Law on Commercial Foundations 44 and 45 are alone in being allowed to submit a claim for damages other directly aggrieved parties may not raise claims against the board of directors or auditor for losses. Minority of judges: The plaintiff has entered in to the now liquidated foundation s claim towards its board of directors and accountants Rasmus K. Feldthusen 14

directly aggrieved parties may not raise claims against the board of directors or auditor for losses.

15 Supreme Court ruling on 17 th of January 2014 The exclusive right for Traugott Møller Foundation to receive liquidation proceeds following section of the bylaws shall be deemed to have been given specifically in Traugott Møller Foundation's interest. Then, and as a result of these provisions specific nature and content, the Supreme Court, finds that the obligation to decide on a timely liquidation and thus comply with section 11.1 of the bylaws, is ( erstatningsretligt værnet ) is a protected interest in tort law. The plaintiff may, in the event of a breach of the duty, claim damages and sue, cf. 46. It can not lead to a different result, that the right to the liquidation proceeds conferred in the bylaws are termed a "gift". Rasmus K. Feldthusen 15

Then, and as a result of these provisions specific nature and content, the Supreme Court, finds that the obligation to decide on a timely liquidation and thus comply with section 11.

16 Direct Claims of Third Parties against board of directors and auditors

17 Direct Claims towards board of directors and accountants Since this is a solvent liquidation, economically it makes no difference whether the proceeds of a tort case is received by the foundation itself or Traugott Møller Fonden, This, however, would be different, if Fonden for Møller and Co. was a bankruptcy. What if there were raised claims by both the State Supervisory or liquidator on behalf of the estate in bankruptcy and directly by Traugott Møller Fonden? How should the proceeds be distributed? Rasmus K. Feldthusen 17

different, if Fonden for Møller and Co. was a bankruptcy.

18 Direct Claims towards board of directors and accountants Erstatning hos tredjemand for en skade, som direkte og individuelt har ramt disse kreditorer; U H (Jyske Bank A/S mod Deloitte, plus biinterventer bl.a. ehuset) U H (Fiskeeksporten Aurora Esbjerg A/S under konkurs mod Prime Ocean A/S og Seamore A/S). Rt (Stiansen-dommen); Høyesterett Rt (Ytternes-dommen); Høyesterett Rasmus K. Feldthusen 18

2014.2918 H (Fiskeeksporten Aurora Esbjerg A/S under konkurs mod Prime Ocean A/S og Seamore A/S).

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