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39 Ariz. J. Int'l & Comp. L. 1 (2022)

handle is hein.journals/ajicl39 and id is 1 raw text is: 1 ENVIRONMENTAL LIABILITY OF COMPANIES IN EUROPE Michael Faure* TABLE OF CONTENTS I. INTRODUCTION...................................................................................................... 4 A. Background.....................................................................................................4 B. The European Context....................................................................................5 C. Approach.........................................................................................................7 II. THEORETICAL FRAMEWORK ............................................................................. 8 A. Environmental Pollution as an Externality................................................. 8 B. Goal of Environmental Liability............................................................... 10 C. Strict Liability Versus Negligence............................................................. 11 D. Limits of Environmental Liability............................................................. 14 E . R em ed ies.................................................................................................. . . 16 III. LIABILITY OF COMPANIES UNDER THE ELD ................................................. 18 A . Setting T he Scene ...................................................................................... 18 B. General Approach of the ELD ................................................................... 19 C . C om panies in the ELD .............................................................................. 25 D . Previous Studies ....................................................................................... 28 E . O fficial R eports.......................................................................................... 34 F . C o n clu d in g ............................................................................................... . 39 IV. LIMITED LIABILITY AND ITS REMEDIES........................................................ 40 A . R elev ance ................................................................................................. 40 B. Limited Liability ...........................................................................................41 C. Minimum Capital Requirements................................................................... 47 D. Unlimited Shareholder Liability for Corporate Torts............................... 50 E. Veil Piercing and Enterprise Liability ...................................................... 53 F. Compulsory Solvency Guarantees .............................................................60 * Maastricht University and Erasmus University Rotterdam (both the Netherlands). I am grateful to Csoban G6cze and Inds Pina Garcia-Galin, student fellows at METRO (Faculty of Law, Maastricht University) for their highly valuable research assistance, to Yu Haiyang (Maastricht) for providing information on single ship companies, to Francesca Leucci (Bologna) for providing information on the Ilva-case in Taranto, to Ludo Veuchelen, former contract officer at the Study Centre for Nuclear Research at Mol (Belgium) for providing useful documentation, to Professor Kid Schwarz (Rotterdam/Maastricht) and Professor Mieke Olaerts (Maastricht) for providing useful insights on recent developments in company law as well as to Marina Jodogne (METRO, Maastricht) for excellent editorial assistance.