Monitor Prawniczy
nr 18/2018
Kompensacja szkody udziałowej – szkody wspólnika uzależnionej od szkody spółki (cz. I)
DOI: 10.32027/MOP.18.18.3
Autor jest adwokatem.
Abstrakt
Przedmiotem niniejszej analizy jest ocena, czy uprawnionemu z praw udziałowych1 w spółce kapitałowej przysługuje roszczenie o naprawienie szkody poniesionej przez niego w wyniku spadku wartości rynkowej praw udziałowych, będącego refleksem szkody spółki, w której owe prawa udziałowe posiada, w sytuacji w której naprawienie szkody spółki wpływa na zakres uszczerbku udziałowca (szkoda udziałowa). Kwestia ta, w praktyce obrotu zasadnicza, jest przedmiotem rozbieżności doktrynalnych i orzeczniczych.
Summary:
Compensation of a damage in shares – a shareholder's damage dependent on a company's damage (Part I)This two-part essay analyses whether a shareholder in a corporation is entitled to compensation for a damage incurred as a result of a decrease in the value of shares being a consequence of the damage incurred by the corporation if compensation for the latter affects the extent of the shareholder’s damage (damage in shares, as opposed to a separate damage, which also results from the corporation’s damage whereby, however, compensation for the corporation’s damage does not eliminate the shareholder’s damage). This issue, crucial from the viewpoint of trading practice, is subject to few, nota bene contradictory, analyses in the jurisprudence and doctrine. The essence of the problem boils down to the risk of double compensation for the shareholder, while the principle of full compensation for the damage, as well as the actio pro socio institution are, wrongly, referred to as reasons against compensation for the damage in shares. The arguments which stem from the existence of mechanisms allowing for avoidance of the risk of double compensation of a shareholder and of double encumbrance of the liable debtor with the burden of compensation, the lack of threat of the corporation’s and its creditors’ interest by the compensation for the damage in shares, infringement upon the principle of full compensation for the damage in case of denying compensation for the damage in shares, the Polish Constitution, the lack of normative grounds for exclusion of compensation for the damage in shares, the provisions of the Commercial Companies Code indirectly confirming admissibility of compensation for the damage in shares, as well as the axiological conditions for distribution of commercial risk, make it possible to claim that de lege lata the compensation for the damage in shares is a necessity under Polish law.Key words: corporation, sindirect damage, damage in shares, separate damage, extent of compensation, risk of double compensation, adequate causal link, actio pro socio
