Contemporary Issues in International Business Law

This seminar is hosted by the International Business Law Research Group and the School of Law Research Group. Our series offers exciting insights into ongoing research projects within the law school and conducted by our external research partners. We often feature work from our research centres (the Centre for American Legal Studies, the Centre for Human Rights, the Centre for Science, Law and Policy, and the International Business Law Research Group). Our work is often transdisciplinary, dealing with law's relationship with broadly defined social justice, policy-making, science and much more. Join us for invigorating discussion! 

In this session, we hear from Dr Emma Scali, Dr Alan Ma and Dr Laura Rodes-Saldana from the International Business Law Research Group, followed by interactive Q&A.

Suresh Birdi

Title: Algorithms and Collusion: looking beyond 2022

Abstract: Algorithms are prevalent in digital markets today. They have transformed digital markets and improve the experience for users of multisided platforms. The digital platform economy gives rise to new ways in which to conduct anticompetitive behaviour. This brief discussion will outline some of the legal issues that are presented when algorithms are used to collude. The talk will focus on competition law issues that arise and will outline some of the key legal challenges that have emerged. The discussion will focus on collusion between firms and on platforms to provide a pathway to greater legal certainty when regulating the use of algorithms. The limits to the current legal concepts will be evaluated with key areas for law reform being outlined.

Dr Alan Ma

Title: Technology in international arbitration and cross-border transactions

Abstract: A smart legal contract is a binding contract in which some or all the contractual terms are defined in and/or performed automatically by a computer program. It runs on a blockchain platform and carries the features of the blockchain of being automatically self-executed, and immutable, providing permanent records with real-time information, and reducing cumbersome documentation using high processing power. In major jurisdictions around the world, it is generally recognised that the smart legal contract is capable of having contractual force just like a traditional natural language contract. It has the potential to have entire complex commercial contracts written in and executed by computer codes. This talk explains the concept and operation of the smart legal contract. Its advancement as an integral part of legal practices and a mainstream area of law is described in chronological order.  The judgement of the first significant case relating to the use of smart contracts is unpacked. Whilst the acceptance of smart contracts by legal practices has gained pace, novel legal issues have been emerging in this area of law. This talk identifies and proposes solutions to key legal issues arising from the operation of computer code and the resolution of disputes of smart legal contracts.

Dr Laura Rodes-Saldana

Title: ‘A Case for the Implementation of Directors’ Liability in Situations of Undercapitalisation: Efficiency and Impact on Creditor Protection’

Abstract: One of the major issues that company creditors face in the vicinity of insolvency is the risk of loss of capital. The loss of capital, depending on its severity, can lead to insolvency due to the financial imbalance brought by the insufficient internal funding of assets and excess of liabilities. Undercapitalisation, therefore, is a major issue that requires legal -and not only economic or financial - attention. My research suggests that a system containing ‘recapitalise or liquidate’ rules based on adequate capitalisation and assisted by the control of solvency tests and related directors’ liabilities together, would provide a more comprehensive regulatory package than the framework currently provided by the UK and EU legislation. Directors’ accountability for undercapitalisation is desirable and should be implemented to enhance creditor protection.

Dr Emma Scali

Title: Sovereign financing & human rights

Abstract: Sovereign financing – or the financing of the public sector – is central to the realisation of human rights. However, since the 1970s, it has evolved, globally, into a predominantly debt- and market-based practice: states, including nowadays many advanced economies, increasingly rely on debt, global financial markets and international institutions to fund their sovereign functions. This trend has been worryingly intensified by the COVID-19 pandemic and the recent global macroeconomic shocks triggered by the aggression of Ukraine, and it ultimately points to a form of ‘public poverty’ linked, among other things, to the growing privatisation of global wealth and the increasing pressures that governments across the world face to step in and level off – often by recourse to public resources – the structural imbalances and recurring manifold crises of financialised global capitalism. This brief talk will introduce the main human rights issues raised by debt financing, and the current state (and limitations) of relevant international law.

This seminar has now concluded but it is available on demand. If you find that you do not have access, you can email the research seminar series leader at iyan.offor@bcu.ac.uk in order to gain access.