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Erika Kovács, Martin Winner - Stakeholder Protection in Restructuring

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Erika Kovács (ed.), Martin Winner (ed.)

Stakeholder Protection in Restructuring

2019

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Martin Winner Creditor Protection in Mergers in Europe S. 49-72

„… Creditor Protection in Mergers in Europe Martin Winner* Summary IntroductionA. 49 Domestic MergersB …” „… European SolutionIII. 62 National MeasuresIV. 63 Ongoing Reform of Creditor Protection in Cross-border …” „… choice of the applicable law.4 Under this reading, creditor (or albeit shareholder) protection is not the …”

Mirjana Radović Creditor Protection in Restructurings in Serbia S. 73-98

„… Creditor Protection in Restructurings in Serbia Mirjana Radović* Summary IntroductionA. 73 …” „… Regulation of Creditor Protection in the Serbian Partnerships and Companies Act B. 75 Mechanisms for …” „… Individual Protection of CreditorsC. 80 Duty to Inform the CreditorsI. 81 Liability of the CompaniesII. 83 …”

Mónica Fuentes Naharro Cross-Border Conversions and the Company Law Package S. 13-48

„… well as the protection offered to shareholders, creditors and employees. The Proposal (Art. 86.d) also …” „… ” (Art. 86.j). As for the protection of creditors, the Proposal (Art. 86.k) addresses both a solvency …” „… protection of minority shareholders and creditors.53 Minority Shareholders’ Protection General Considerations …”

Foreword S. 5-8

„… regarding cross-border conversions, while Winner covers creditor protection in domestic and cross-border …” „… mergers in European law. Mirjana Radović and Vuk Radović focus on creditor and shareholder protection in …” „… Cross-Border Conversions and the Company Law Package 13 Mónica Fuentes Naharro Creditor Protection in Mergers …”

Ljubinka Kovačević Individual Rights of Employees in Transfers of Undertakings in Serbia S. 233-264

„… reorganize and, on the other hand, the protection of employees as creditors. The limitation can primarily …” „… . 244 The Liability for Claims of Employees Due Before the Change of EmployerE. 247 Right to Protection …” „… Protection Against Dismissal by the TransferorII. 252 Protection Against Dismissal by the TransfereeIII. 254 …”

doi.org/10.5771/9783845292168

Peter Kindler, Jan Lieder - European Corporate Law

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Peter Kindler (ed.), Jan Lieder (ed.)

European Corporate Law

2021

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Karsten Kühnle Article 86 j Protection of creditors S. 445-455

„… appreciated. Article 86 j Protection of creditors 1. Member States shall provide for an adequate system of …” „… protection of the interests of creditors whose claims antedate the disclosure of the draft terms of the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1. Need for creditor protection: altering of the company’s legal cloth versus a transfer of assets …”

Klaus Bader, Andreas Börner Article 160 j Protection of creditors S. 778-784

„… creditors 1. Member States shall provide for an adequate system of protection of the interests of creditors …” „… division, the satisfaction of their Art 160 j Protection of creditors 778 Klaus Bader and Andreas Börner …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 I. General Effects of the Division on Creditors and the New Concept of Protection In the draft …”

Tobias de Raet Article 126 b Protection of creditors S. 653-656

„… (unforseen) cash pay-outs which may lead to liquidity problems.3 Article 126 b Protection of creditors 1 …” „… . Member States shall provide for an adequate system of protection of the interests of creditors whose …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 II. Protection of Creditors by Safeguards (Securities …”

Tobias de Raet Article 99 Protection of the interests of creditors of the merging companies S. 541-545

„… Article 99 Protection of the interests of creditors of the merging companies 1. The laws of the …” „… Member States shall provide for an adequate system of protection of the interests of creditors of the …” „… financial situation of the merging companies makes such protection necessary and where those creditors do …”

Klaus Bader, Andreas Börner Article 146 Protection of the interests of creditors of companies involved in a division; joint and several liability of the recipient companies S. 711-714

„… protection necessary, and where those creditors do not already have such safeguards. Member States shall lay …” „… . 7. Where a Member State combines the system of creditor protection set out in paragraphs 1 to 5 with …” „… generate returns in the future. Given that the protection of creditors is an even more critical issue in …”

Tobias de Raet Article 98 Protection of employees’ rights S. 540-541

„… protection of the interests of creditors of the merging companies whose claims antedate the publication of …” „… protection necessary and where those creditors do not already have such safeguards. Member States shall lay …” „… creditors of the acquiring company and for those of the company being acquired. I. Protection of the …”

Jan P. Brosius Article 75 Safeguards for creditors in case of reduction in the subscribed capital S. 362-365

„… purpose of creditor protection. The amendments made by Directive 2006/68/EC and the insertion of the …” „… second subparagraph in Article 75 (1) aimed to further harmonise creditor protection and to further …” „… laws of the Member States had a rather different approach on creditor protection and provided for very …”

Tobias de Raet Article 100 Protection of the interests of debenture holders of the merging companies S. 545-546

„… administrative or judiciary authority but is a requirement for creditors to receive any protection at all. No …” „… uniform protection system required Pursuant to Article 99(3), the protection systems for the creditors of …” „… protection for the creditors of the acquiring company.27 While Member States may determine standards of …”

Klaus Bader, Andreas Börner Article 157 Divisions under the supervision of a judicial authority S. 727-729

„… , on condition that the adequate system of protection of the interest of the creditors referred to in …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 III. Specific Member State Option Regarding Creditor Protection . . . . . . . . . . . . . . . 6 I …” „… preparation of the draft terms of division may be waived if an adequate system of creditor protection is …”

Karsten Kühnle Article 86 d Draft terms of cross-border conversions S. 404-413

„… protection of a company’s creditors. Recital (4) emphasizes that the right of companies to convert across …” „… borders should go hand in hand, and be properly balanced, with the protection of creditors. Recital (22 …” „… Karsten Kühnle 409 15 16 17 derlines the right of creditors to appropriate protection such that creditors …”

Klaus Bader, Andreas Börner Article 145 Protection of employees’ rights S. 710-711

„… divided over two or more entities.4 Article 146 Protection of the interests of creditors of companies …” „… shall provide for an adequate system of protection for the interests of the creditors of the companies …” „… State combines the system of creditor protection set out in paragraphs 1 to 5 with the joint and several …”

Jan P. Brosius Foreword to Arts 44-85 S. 204-223

„… reducing the protection offered to shareholders and creditors.40 The intend to simplify was taken up in the …” „… reducing the protection offered to shareholders and creditors. It expressly made clear, that those …” „… minimum equivalent protection for both shareholders and creditors of public limited liability companies.59 …”

Index S. 1029-1055

„… – protection of creditors 160e 28 ff. – report of the administrative or management body 160e 27 …” „… – procedures and formalities 160c 2 ff. – proection of creditors 160j 1 ff. – protection of members 160i 1 …” „… . – proposals 118 14 ff. – protection of creditors 126b 1 ff. – protection of shareholders 118 39, 126a 1 ff …”

Klaus Bader, Andreas Börner Article 158 Divisions with cash payment exceeding 10 % S. 729-730

„… Regarding Creditor Protection If the division is subject to judicial supervision in accordance with the …” „… protection.7 The waiver must, however, be adopted by a simple majority of creditors at a creditors' meeting …” „… of division in accordance with Article 138 – however only if the “adequate protection system” for …”

Klaus Bader, Andreas Börner Article 147 Protection of holders of securities, other than shares, to which special rights are attached S. 714-715

„… scope of the creditor protection pursuant to Article 146 in principle to all debenture holders. However …” „… National implementation example, Germany In view of the risks for creditors associated with a …” „… being divided, but also for a claim for safeguards. Both the creditors of the company being divided as …”

Klaus Bader, Andreas Börner Article 160 e Report of the administrative or management body for members and employees S. 757-763

„… division, such information should be part of the report. In view of the protection of creditors under …” „… also be permitted as long as they are adequate to creditors and this being within the framework of the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 5. No report addressed to creditors required …”

Jan P. Brosius Article 74 Reduction in the subscribed capital in case of several classes of shares S. 360-362

„… 13 December 1976 on the coordination of safeguards which, for the protection of the interests of …” „… the Council of 25 October 2012 on coordination of safeguards which, for the protection of the …” „… mn. 6, 16 et seqq.). Article 75 Safeguards for creditors in case of reduction in the subscribed …”

Klaus Bader, Andreas Börner Article 160 i Protection of members S. 773-778

„… the cross-border division. Article 160 j Protection of creditors 1. Member States shall provide for an …” „… adequate system of protection of the interests of creditors whose claims antedate the disclosure of the …” „… Protection of creditors 778 Klaus Bader and Andreas Börner 18 19 20 21 22 23 24 …”

Jan P. Brosius Article 76 Derogation from safeguards for creditors in case of reduction in the subscribed capital S. 365-367

„… restructuring measures possible without ignoring the shareholder and creditor protections sought to be granted …” „… VIII. Exceptions Member States may set aside the right to obtain security only where the creditor …” „… well.16 Article 76 Derogation from safeguards for creditors in case of reduction in the subscribed …”

Tobias de Raet Article 101 Protection of holders of securities, other than shares, to which special rights are attached S. 546-549

„… I. Protection of Debenture Holders Similar to Those of Creditors . . . . . . . . . . . . . . 1 II …” „… . . . . . . . . . . . . . . . . . . 6 I. Protection of Debenture Holders Similar to Those of Creditors The protection of debenture …” „… security holders.10 This protection is based on the same idea as the protection of creditors pursuant to …”

Tobias de Raet Article 126 a Protection of members S. 648-653

„… common minimum standard for the protection of shareholders, employees and creditors. If one is serious …” „… (unforseen) cash pay-outs which may lead to liquidity problems.3 Article 126 b Protection of creditors 1 …” „… . Member States shall provide for an adequate system of protection of the interests of creditors whose …”

Peter Kindler Introduction S. 1-65

„… Lutter (ed), Das Kapital der Aktiengesellschaft in Europa (2006), 526; Bachner, Creditor Protection in …” „… Wochenschrift (NJW) 2008, 28; Eidenmüller and Schön, The Law & Economics of Creditor Protection (2008 …” „… and Economics 233; Winner, ‘Protection of Creditors and Minority-Shareholders in Cross-border …”

Klaus Bader, Andreas Börner Article 160 d Draft terms of cross-border divisions S. 748-757

„… safeguard offered to creditors One of the fundamental aims of the 2019 Directive is the protection of a …” „… timely manner. To ensure efficient protection of creditors in line with the 2019 Directive’s intentions …” „… offered to creditors, such as guarantees or pledges. I. Purpose …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 86 i 434 Protection of creditors …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 98 540 Protection of the interests of creditors of the merging companies …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 126 a 648 Protection of creditors …”

Karsten Kühnle Article 86 s Independent experts S. 487-489

„… be unduly prejudiced (point (a) of Article 86 k (3)). The rules on creditor protection as supposed by …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3. Civil liability vis-à-vis the company’s employees and creditors . . . . . . . . . . . . 7 IV …” „… liability perspective, proposed that creditors of the company shall be presumed not to be prejudiced by the …”

Jan P. Brosius Article 49 Experts’ report on consideration other than in cash S. 245-251

„… value and the value of the shares issued in return.4 For the purpose of creditor protection, the report …” „… degree of creditor protection.25 Article 84 (3) Further, pursuant to Article 84 (3) Member States must …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 VIII. Minimum Protection and Scope for National Legislation …”

Karsten Kühnle Foreword to Arts 86a-86 t S. 390-398

„… suboptimal protection of employees, creditors 20 Bartman, ECLJ 16, no. 5 (2019): 140-142.; COM(2018) 241 …” „… the same time providing adequate protection for employees, creditors and members on the other hand. In …” „… by the Commission Proposal for the protection of creditors (→ Art 86 j) and, therefore, lost …”

Klaus Bader, Andreas Börner Article 160 a Scope S. 731-744

„… exercising the freedom of establishment; it also leads to a sub-optimal protection of employees, creditors …” „… liability companies established in a Member State. It is thereby directed at introducing stronger protection …” „… for creditors and minorities while at the same time simplifying cross-border operations and …”

Karsten Kühnle Article 86 m Pre-conversion certificate S. 467-478

„… protection of creditors, hence, to mandatory content of the draft-terms of cross-border conversion (point (f …” „… employee participation, if any; and instruments for the protection of the company’s creditors …” „… satisfaction of obligations due to public bodies which is obviously linked to protection of public creditors …”

Jan P. Brosius Article 48 Paying up of shares issued for a consideration S. 239-245

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 VII. Minimum Protection …” „… Commission, the obligation to transfer the consideration in full would have granted the protection necessary …” „… Directive 77/91/EEC of 13 December 1976 on the coordination of safeguards which, for the protection of the …”

Tobias de Raet Article 124 Report of the administrative or management body for members and employees S. 625-634

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 4. Creditors …” „… cross-border merger and explaining the implications of the cross-border merger for members, creditors and 1 …” „… cross-border merger.2 Despite the obligation to explain the effects of the cross-border merger on creditors …”

Jan P. Brosius Article 79 Reduction in the subscribed capital by compulsory withdrawal of shares S. 370-374

„… creditor protection.5 IV. Scope If a Member State allows for a compulsory withdrawal of shares, it is …” „… though the legislature aimed not only to provide for shareholder protection but also creditor protection …” „… provisions on creditor protection as stipulated in Article 75 generally apply to a compulsory withdrawal of …”

Tobias de Raet Article 87 General provisions S. 494-501

„… information, (ii) protection of the interests of members (i.e. shareholders) and others (in essence, creditors …” „… pursues an equivalent protection for both shareholders and creditors.34 Taking into account these aims …” „… protection for both shareholders and creditors of public limited liability companies, the coordination of …”

Jan P. Brosius Article 45 Minimum capital S. 228-233

„… amount of legal capital.16 Effective creditor protection could only be provided if the minimum capital …” „… concept of limited liability does require an effective system of creditor protection. To qualify as a …” „… genuine guarantee for creditor protection, the figure of EUR 25,000 certainly is much too small …”

Karsten Kühnle Article 86 g Disclosure S. 425-429

„… requirements and recommendations set out in Directive (EU) 2016/9439 regarding protection of trade secrets …” „… the members, creditors and representatives of the employees of the company, or, where there are no …” „… Council of 8 June 2016 on the protection of undisclosed know-how and business information (trade secrets …”

Karsten Kühnle Article 86 i Protection of members S. 434-445

„… this explicit ruling is greatly appreciated. Article 86 j Protection of creditors 1. Member States …” „… shall provide for an adequate system of protection of the interests of creditors whose claims antedate …” „… , the law of the departure Member State will be decisive. Article 86 i Protection of members 1. Member …”

Karsten Kühnle Article 86 a Scope S. 398-403

„… , implications of the transfer on employees, the proposed timeline, protection of shareholders and creditors …” „… management being effected by a liquidator, protection of creditors, a certain period of time to elapse until …” „… provisions aiming at stakeholder protection. Civil partnerships – not covered by the 2019 Directive In …”

Karsten Kühnle Article 86 t Validity S. 489-490

„… met. Civil liability vis-à-vis the company’s employees and creditors The 2019 Directive does neither …” „… creditors. The expert’s liability under Article 86 s is attached to the expert being engaged by the company …” „… vis-à-vis creditors as well, has not been adopted by the 2019 Directive. IV. Independence of the Expert …”

Klaus Bader, Andreas Börner Article 138 Publication of the draft terms of division S. 697-700

„… comprehensive information is provided to all shareholders, creditors as well as other individuals holding a …” „… shareholders may unanimously waive the publication because creditors are, under the German law transposition of …” „… creditors in the process, guarantees relating to the security of the website and the authenticity of the …”

Peter Kindler Article 30 a Changes to documents and information of the company S. 171-174

„… in terms of creditor protection (Recital 16), since this information is crucial for creditors to take …” „… company’s creditors and any other third party. The registered office (or ‘statutory seat’) is a connecting …” „… the liability regime adopted. It goes without saying that this element is crucial for creditor …”

Jan P. Brosius Article 56 General rules on distribution S. 271-277

„… creditor protection.2 However, the company’s other assets and capital are not protected by Article 56.3 IV …” „… coordination of safeguards which, for the protection of the interests of members and others, are required by …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …”

Article 59 No subscription of own shares S. 283-286

„… material content has not been amended since. III. Purpose For the purpose of creditor protection Article …” „… whether –– and if so, under what substantive and procedural conditions –– the creditors of a public …” „… enforcement of the Directive (→ cf. Intro Art 44 mn. 62 et seq.). VIII. Minimum Protection and Scope Article …”

Klaus Bader, Andreas Börner Article 160 h Approval by the general meeting S. 769-773

„… members, creditors, employee representatives of the company being divided that they may submit comments on …” „… in point (b) did not comply with the legal requirements. I. Minimum Standard for the Protection of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 I. Minimum Standard for the Protection of the Members The protection of the interests of the …”

Tobias de Raet Article 126 c Employee information and consultation S. 656-658

„… the protection of creditors are without prejudice to the application of the national laws of the …” „… creditors about the financial status of the merging companies, which might include indications if they have …” „… established, in which aspects that are important for the creditors are addressed. It would have been better if …”

Karsten Kühnle Article 86 f Independent expert report S. 422-425

„… . Introduction The focus of Article 86 f is on the protection of members as key stakeholders in addition to …” „… employees and creditors. Member States shall ensure that an independent expert examines the draft terms of …” „… advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or minority …”

Tobias de Raet Article 122 Common draft terms of cross-border mergers S. 605-618

„… ) any safeguards offered to creditors, such as guarantees or pledges. I. Purpose …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 n) Safeguards offered to creditors …” „… domestic mergers.3 This model primarily pursues a concept which seeks to provide protection through …”

Jan P. Brosius Article 53 Shareholders' obligation to pay up contributions S. 268-269

„… principle of effective capital contribution and aims to protect creditors as well as shareholders. The …” „… account legal capital’s twofold nature as the sum of all contributions and a security for creditors.2 III …” „… December 1976 on the coordination of safeguards which, for the protection of the interests of members and …”

Article 60 Acquisition of own shares Jan P. Brosius S. 286-297

„… (1), the acquisition must not – for the purpose of creditor protection46 – have the effect of …” „… ' claims. It is rather doubtful that additional creditor protection is necessary or adequate. A case of …” „… reserves; (e) the acquisition does not prejudice the satisfaction of creditors’ claims. 2. The laws of a …”

Jan P. Brosius Article 2 Scope S. 68-73

„… 70 Jan P. Brosius 5 6 7 8 serves the protection of creditors and legal transactions in general. It …” „… purpose of creditor protection26 and the protection of legal transactions in general, if and to the extend …” „… 1976 on the coordination of safeguards which, for the protection of the interests of members and others …”

Klaus Bader, Andreas Börner Article 160 k Employee information and consultation S. 784-786

„… division takes effect. This provision cuts off creditor’s expectations with regard to being satisfied from …” „… duly ascertained, how it should be divided between competing creditors. The 2019 Directive does not …” „… prejudice to Member States’ powers to provide strengthened protection for employees in accordance with the …”

Jan P. Brosius Article 3 Compulsory information to be provided in the statutes or instruments of incorporation S. 73-79

„… examples are procurement companies.25 For the purpose of creditor protection26 and the protection of legal …” „… companies on a European level.13 The provision aims to provide for minimum protection of creditors and …” „… fundamental guarantee for the protection of any party involved in the formation of the company and its …”

Jan P. Brosius Article 80 Reduction in the subscribed capital by the withdrawal of shares acquired by the company itself or on its behalf S. 374-376

„… . 3 et seqq.). The provisions on creditor protection as stipulated in Article 75 generally apply to …” „… . Its material content has not been amended since. III. Purpose Article 80 serves the protection of …” „… shareholders as well as creditors. Art 80 Reduction in the subscribed capital by the withdrawal of shares 374 …”

Alexander Schall, David Günther, Michael Lamsa Article 14 Documents and particulars to be disclosed by companies S. 125-129

„… discussions.11 This disclosure inflicts contradictory interests. While it enables the creditors to estimate …” „… regulations in the light of third-party protection of the Fourth Directive are the inclusion of atypical …” „… protection of personal data. In Germany and France, the two Member States that have historically been the …”

Karsten Kühnle Article 86 h Approval by the general meeting S. 429-434

„… , and be properly balanced, with the protection of members (Recital (4)). As a consequence of a …” „… , creditors and representatives of the company’s employees, or, where there are no such representatives, the …” „… submitted by stakeholders (members, creditors, employee representatives or employees themselves, point 1 (b …”

Jan P. Brosius Article 68 Decision by the general meeting on the increase of capital S. 330-339

„… protection. Insofar, the Commission marked the competence of the general meeting as an “indispensable …” „… 77/91/EEC of 13 December 1976 on the coordination of safeguards which, for the protection of the …” „… the Council of 25 October 2012 on coordination of safeguards which, for the protection of the …”

Jan P. Brosius Article 57 Recovery of distributions unlawfully made S. 277-280

„… outflow reduces the capital that would otherwise be available to cover creditors' claims. However …” „… the Court of Justice has confirmed this view.25 XII. Minimum Protection and Scope for National …” „… shareholders who are in good faith was aimed to reconcile the need for protection of the company with the …”

Jan P. Brosius Article 82 Conditions for redemption of shares S. 378-380

„… legislation in the United Kingdom.4 III. Purpose Article 82 aims to protect shareholders as well as creditors …” „… be predicted. These requirements serve the purpose of capital maintenance and hence creditor …” „… protection.6 An undistributable reserve has to be established in the amount of the nominal value or, where …”

Dieter Leuering Article 3 [Disclosure] S. 846-848

„… . Protection provisions of third parties Single-member companies have the special feature that their sole …” „… to counteract the risks for creditors, Articles 3 to 5 of the Directive on single-member private …” „… harmonised minimum protection of third parties throughout the Union. However, they only have a minimum …”

Jan P. Brosius Article 84 Derogation from certain requirements S. 382-387

„… Directive 77/91/EEC of 13 December 1976 on the coordination of safeguards which, for the protection of the …” „… the Council of 25 October 2012 on coordination of safeguards which, for the protection of the …” „… reductions, on their right to participate in any new share issue for cash consideration, on creditor …”

Jan P. Brosius Article 58 Serious loss of the subscribed capital S. 280-283

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 VIII. Minimum Protection and Scope …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …” „… which, for the protection of the interests of members and others, are required by Member States of …”

Jan P. Brosius Article 50 Derogation from the requirement for an experts' report S. 251-258

„… creditor protection.25 Article 84 (3) Further, pursuant to Article 84 (3) Member States must ensure that …” „… directives available to creditors, creditors would in practice have access to it.21 However, where …” „… , 15). VIII. Minimum Protection and Scope for National Legislation The limits, within which a Member …”

Jan P. Brosius Article 70 Shares issued for consideration other than in cash S. 341-345

„… allow for a sufficient degree of creditor protection. If Member States decide to stick to the …” „… provides for minimum protection. The Member States may implement stricter requirements. VI. Direct …” „… or creditors also has to be drawn up in the context of the merger or the division. In such cases …”

Dieter Leuering Article 2 [Legitimacy] S. 842-846

„… , thus causing disadvantages for the company's creditors and legal relations.15 Due to the absence of …” „… by the company and accessible to the public. Protection provisions of third parties Single-member …” „… resulting withdrawal of the liability substrate. In order to counteract the risks for creditors, Articles 3 …”

Tobias de Raet Article 118 General provisions S. 576-594

„… provisions 576 Tobias de Raet 2 3 4 3. Protection of shareholders, creditors and employees involved in the …” „… procedure and (ii) to provide for substantive rules, in particular, for creditor protection and minority …” „… level of protection for creditors is largely lacking, as the 2017 Directive did not set any further …”

Alexander Schall, David Günther Foreword to Arts 7-12 S. 87-92

„… strenuous to find common ground regarding key parts of the third-party protection and enhancement of the …” „… enables business partners, (potential) creditors and every other stakeholder from the general public to …” „… border trade establishes only a minimum level of protection.4 National regulations can further determine …”

Alexander Schall, David Günther, Michael Lamsa Article 16 Disclosure in the register S. 129-135

„… . The location of the seat is of paramount importance for the creditors in regard to evaluating the …” „… creditors since their claims may be endangered. Article 15 Changes in documents and particulars 1. Member …” „… rules on third party protection in para. 5 and 6.1 The registrar collects the information from the …”

Article 64 Financial assistance by a company for acquisition of its shares by a third party Jan P. Brosius S. 305-317

„… assistance, whilst retaining the necessary protection for minority shareholders and creditors. In the view of …” „… creditor protection remain of the utmost importance, given the fact that protection of these two groups is …” „… which, for the protection of the interests of members and others, are required by Member States of …”

Tobias de Raet Article 120 Further provisions concerning scope S. 598-603

„… the scope is to prohibit the circumvention of the safeguards regarding the protection of shareholders …” „… and creditors of the companies involved in the merger,1 for operations whose economic effects are …” „… means of restructuring to the detriment of creditors.17 Companies in liquidation which have begun to …”

Jan P. Brosius Article 52 Substantial acquisitions after incorporation or authorisation to commence business S. 261-268

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 VII. Minimum Protection and Scope for National Legislation …” „… , for the protection of the interests of members and others, are required by Member States of companies …” „… , for the protection of the interests of members and others, are required by Member States of companies …”

Peter Kindler Article 37 Compulsory documents and particulars to be disclosed S. 186-193

„… crucial for creditor protection. The legal form has to be expressed in the languages of the Member State …” „… yearly update on the subscribed capital guarantees the protection of creditors (Recital 16). Name of the …” „… necessarily ensure the protection of persons who deal with companies through the intermediary of branches …”

Tobias de Raet Article 115 Transfer of all assets and liabilities by one or more companies to another company which is the holder of 90 % or more of their shares S. 573-574

„… right is one of the key protections of minority shareholders in mergers and balances the interests of …” „… , which aim to protect them, are not met. This is a change in the protection concept of the Directive …” „… : instead of the ex-ante protection by information, Article 114 provides for an ex-post protection by a …”

Klaus Bader, Andreas Börner Article 160 t Independent experts S. 806-807

„… report; and – Article 160 i regarding the protection of members. Article 160 t Independent experts 1 …” „… division, their members and their employees and creditors, and for the independent expert’s responsibility …” „… exceptions are permitted. The provision grants absolute protection against the division being unwound …”

Klaus Bader, Andreas Börner Article 152 Civil liability of members of the administrative or management bodies of a company being divided S. 720-721

„… duties. I. Civil Liability The preventive concept “protection by information” is supplemented and thus …” „… shareholders of the recipient companies, the company being divided, or other creditors. Furthermore, Article …” „… offered protection has also been expanded beyond the minimum standard of the Directive in a permissible …”

Jan P. Brosius Article 54 Safeguards in the event of conversion S. 269-271

„… , Article 54 serves the purpose of creditor protection. Article 54 applies to conversions within the …” „… coordination of safeguards which, for the protection of the interests of members and others, are required by …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …”

Klaus Bader, Andreas Börner Article 139 Approval by the general meeting of each company involved in a division S. 700-702

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 II. Ratio-Altering Divisions and Protection of Minority Shareholders . . . . . . . . . . 9 I …” „… interests of the (minority) shareholders as well as those of employees and creditors. However, in view of …” „… protection is the general meeting’s prior approval to the division of the company. Pursuant to Article 139(1 …”

Jan P. Brosius Article 69 Paying up shares issued for consideration S. 339-341

„… would increase creditor protection.4 The Economic and Social Committee, however, opposed that proposal.5 …” „… requirements. Insofar, Article 68 provides a minimum level of protection.63 Member States may also abstain from …” „… which, for the protection of the interests of members and others, are required by Member States of …”

Jan P. Brosius Article 73 Decision by the general meeting on reduction in the subscribed capital S. 358-360

„… protection from the impairment of their membership rights; the other is to protect existing creditors.2 …” „… December 1976 on the coordination of safeguards which, for the protection of the interests of members and …” „… October 2012 on coordination of safeguards which, for the protection of the interests of members and …”

Jan P. Brosius Article 6 Multiple-member companies S. 85-87

„… since. III. Purpose Article 6 aims to protect shareholders and creditors. It seeks to provide legal …” „… certainty and the protection of legitimate expectations. IV. Material scope It appears from Article 6 of …” „… which, for the protection of the interests of members and others, are required by Member States of …”

Jan P. Brosius Article 46 Assets S. 233-235

„… which, for the protection of the interests of members and others, are required by Member States of …” „… which, for the protection of the interests of members and others, are required by Member States of …” „… often of no or limited value for creditors. However, Article 46 applies to third parties’ work or supply …”

Jan P. Brosius Article 5 Authorisation for commencing business S. 83-85

„… . Brosius 83 16 17 18 1 II. Purpose Article 5 aims at protecting creditors and, as a legal reflex, ensures …” „… , for the protection of the interests of members and others, are required by Member States of companies …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …”

Dieter Leuering Article 5 [Self-dealing] S. 850-852

„… bureaucracy to a minimum, and the interests of creditors. The possible exemption can also be justified by the …” „… , reinforces this position.2 Established standards of protection for the benefit of shareholders and third …” „… public limited liability companies3 and the circumvention of the protection regulations by changing to …”

Klaus Bader, Andreas Börner Article 135 General provisions on division operations S. 688-690

„… third parties, in particular creditors, with the same level of protection in the case of divisions as in …” „… 2019 by Directive (EU) 2019/2121. II. Legislative Aim and Scope of Application The protection of …”

Tobias de Raet Article 116 Mergers with cash payment exceeding 10 % S. 574-575

„… . The extended scope shall prevent circumvention of the safeguards regarding the protection of …” „… shareholders and creditors of the companies involved in the merger.1 Article 116 shall cover operations whose …”

Jan P. Brosius Article 51 Consideration other than in cash without an experts' report S. 258-261

„… . Purpose Article 51 aims to provide protection to shareholders and creditors by means of publication. With …” „… which, for the protection of the interests of members and others, are required by Member States of …” „… which, for the protection of the interests of members and others, are required by Member States of …”

Jan P. Brosius Article 72 Increase in capital by consideration in cash S. 346-358

„… down minimum requirements for the protection of shareholders and creditors of public limited liability …” „… protection from the impairment of their membership rights; the other is to protect existing creditors.2 …” „… 1976 on the coordination of safeguards which, for the protection of the interests of members and others …”

Klaus Bader, Andreas Börner Article 160 u Validity S. 807-809

„… creditors, and for the independent expert’s responsibility under administrative law provisions.2 Article 160 …” „… be declared null and void.1 No exceptions are permitted. The provision grants absolute protection …”

Jan P. Brosius Article 85 Equal treatment of all shareholders who are in the same position S. 387-390

„… new shares which could be offered with priority to creditors as debt-to-equity swaps, or for the …” „… , for the protection of the interests of members and others, are required by Member States of companies …” „… , for the protection of the interests of members and others, are required by Member States of companies …”

Alexander Schall, David Günther Article 7 General provisions and joint and several liability S. 92-96

„… creditor during the whole formation process of the company. It addresses a key problem of private law. The …” „… assumption of such contracts at a later stage. The role of Art 7 para. 2 is to provide minimum protection …” „… representatives.8 Art 7 para. 2 merely prescribes a liability provision9 as minimum protection during that time …”

Dieter Leuering Article 4 [General Meeting and Decisions] S. 848-850

„… shareholding has changed and for the creditors of the company as joint and several debtors. Article 4 [General …” „… Proposal for a fifth Directive to coordinate the safeguards which, for the protection of the interests of …”

Klaus Bader, Andreas Börner Article 151 Consequences of a division S. 717-720

„… duties. I. Civil Liability The preventive concept “protection by information” is supplemented and thus …” „… shareholders of the recipient companies, the company being divided, or other creditors. Furthermore, Article …”

Jan Lieder, Martin Bialluch Article 9 c Transparency and approval of related party transactions S. 943-959

„… the related party from taking advantage of its position and provide adequate protection for the …” „… for adequate protection of interests of the company, of the subsidiary and of their Art 9 c …” „… shareholders and protection of the interests of the company is ensured. 7. Member States shall ensure that …”

Jan P. Brosius Article 44 General provisions S. 223-228

„… companies.21 For the purpose of creditor protection22 and the protection of legal transactions in general …” „… of safeguards which, for the protection of the interests of members and others, are required by …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …”

Tobias de Raet Article 97 Availability of documents for inspection by shareholders S. 534-540

„… DIVISIONS Art 97 Tobias de Raet 539 19 20 21 22 23 24 Article 98 Protection of employees’ rights Protection …” „… Directive 2001/23/EC. I. Protection of Employees’ Rights in Accordance with Directive 2001/23/EC It has …” „… employees are – like shareholders and creditors – an important group of stakeholders affected by a merger …”

Jan Lieder, Martin Bialluch Article 10 Proxy voting S. 959-966

„… , Aktionärsrechte-Richtlinie (2009), p. 150. 2 Recital 10 SRD; cf. also on the balance of shareholder activism and protection …” „… may result from its ownership of a larger equity holding, from its role as creditor and from the …” „… SRD such rules or sanctions are, however, precisely what is required. In particular where protection …”

Karsten Kühnle Article 86 e Report of the administrative or management body for members and employees S. 413-422

„… employees, respectively. The report’s purpose is twofold, namely a combination of information and protection …” „… properly balanced, with the protection of employees (Recital (4)). On that basis, one would need to …” „… particulars. As a general comment, protection of members in a cross-border conversion scenario is without …”

Karsten Kühnle Article 86 l Employee participation S. 457-467

„… . . . . . . . . . . . . . . . . . . . . . . . . . . 27 I. Introduction Like the protection of members and of creditors, the protection of employees is a …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 III. Protection of Employee Participation …” „… hand, and be properly balanced, with the protection of employees (Recital (4)). The involvement of all …”

Peter Kindler Foreword to Arts 28a-42 S. 144-150

„… the Directive is twofold: (1) To ensure the protection of persons who deal with companies through the …” „… on the fact that the company’s creditors are protected by measures in respect of disclosure required …” „… minimum standard of protection of the persons who deal with companies through their branches (Recital 16 …”

Alexander Schall, David Günther Article 9 Acts of the organs of a company and its representation S. 97-106

„… suited for third-party protection.5 In particular, it overcame the “ultra-vires-doctrine” (see sub IV.1 …” „… ] AC 39 – where by the way a little backdoor was opened by allowing the creditors at least to trace …” „… both the collective body and the members of it, the scope of the protection under Art 9 may be extended …”

Peter Kindler Article 30 Documents and particulars to be disclosed S. 163-171

„… regime adopted. It goes without saying that this element is crucial for creditor protection. The same …”

doi.org/10.5771/9783845279909

Eiji Takahashi - Die Rezeption und Konvergenz des deutschen Handels- und Gesellschaftsrechts in Japan

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Eiji Takahashi

Die Rezeption und Konvergenz des deutschen Handels- und Gesellschaftsrechts in Japan

Series: Recht in Ostasien

Volume 16 2017

Results in this title

Membership Company and Corporate Affiliation Law System – On protection of members and creditors of a subsidiary S. 257-284

„… Membership Company and Corporate Affiliation Law System – On protection of members and creditors of …” „… ), the issue of protection of minority members and creditors for the cases in which the limited liability …” „… and theories regarding the protection of minority members and creditors in German limited liability …”

Market-Organization-Corporate Groups: An Economic Analysis of the Law of Corporate Groups S. 169-200

„… this problem by introducing direct protection for creditors, by imposing on controlling companies a …” „… Durchgriffshaftung, and instead held that protection of creditors of subsidiary limited liability companies in a …” „… groups in Japan,3 despite most academics agreeing that the protection of minority shareholders and …”

3 Konzernrecht S. 400

„… . 493-500 (2014) Eiji Takahashi, Membership Company and Corporate Affiliation System – On Protection of …” „… Members and Creditors of the Subsidiary, Interdisciplinary Journal of Economics and Business Law, Vol. 2 …”

4 Feindliche Übernahmen S. 400

„… . 493-500 (2014) Eiji Takahashi, Membership Company and Corporate Affiliation System – On Protection of …” „… Members and Creditors of the Subsidiary, Interdisciplinary Journal of Economics and Business Law, Vol. 2 …”

5 Grundsatzfragen S. 400-402

„… . 493-500 (2014) Eiji Takahashi, Membership Company and Corporate Affiliation System – On Protection of …” „… Members and Creditors of the Subsidiary, Interdisciplinary Journal of Economics and Business Law, Vol. 2 …”

“Reception” and “Convergence” of Japanese and German Corporate Law S. 9-36

„… , Kaishahō ni okeru Saikensha Hogo (jō) [Creditor Protection in the Companies Act (Part 1)], 1764 SHŌJI HŌMU …” „… . However, where corporate laws appropriately provide for investor and creditor protection, their respective …” „… constitutes a separate legal entity. Liability to creditors with respect to obligations of the company shall …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Company and Corporate Affiliation Law System – On protection of members and creditors of a subsidiary 257 …”

Japanese Corporate Groups under the New Legislation S. 213-236

„… for subsidiaries to acquire these shares, from the viewpoint of protection of creditors. It was …” „… Shintenkai [New Trend in Protection of Creditors of Subsidiaries under German Law]”, 67 (6) Hôgaku (2004) 161 …” „… excessive emphasis on protection of shareholders of parent companies, then parent companies necessarily have …”

Squeeze-out of Minority Shareholders: The Constitutionality Question S. 385-398

„… this was minority shareholder protection.11 The third suggestion was to exclude from the scope of the …” „… rank after creditors in priority.20 The Chief of the Civil Affairs Bureau of the Ministry of Justice …” „… not infringe the constitutional protection of property rights as guaranteed under article 14 of the …”

Die Zukunft des japanischen Konzernrechts – Die Reform des Aktienrechts von 2014 S. 237-256

„… – On Protection of Members and Creditors of a Subsidiary, Interdisciplinary Journal of Economics and …”

doi.org/10.5771/9783845280868

Aurelia Colombi Ciacchi - Protection of Non-Professional Sureties in Europe: Formal and Substantive Disparity

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Aurelia Colombi Ciacchi (ed.)

Protection of Non-Professional Sureties in Europe: Formal and Substantive Disparity

Series: Schriftenreihe des Zentrums für Europäische Rechtspolitik der Universität Bremen (ZERP)

Volume 49 2007

Results in this title

Mel Kenny The Uncommon Core of European Suretyship Law S. 361-383

„… : traditional defences: fraud, duress, mistake, misrepresentation; (3) Procedural protection: creditor’s duty …” „… immorality and good faith between creditor and surety to ensure such protection.36 The prevalence of …” „… protection is provided by § 25c CPA to securities given to a professional creditor. Furthermore, § 25a CPA …”

Peter Rott Germany and Austria S. 51-103

„… the Protection of Guarantors 63 a) Pactum de Non Petendo 63 b) Good Faith 63 c) Frustration …” „… to the protection or otherwise of the guarantor (D.). Finally, the interaction of contract law and …” „… less protection than it would appear at first glance (F.). B. The Social and Legal Background In …”

Ulrich Drobnig Proposed European Rules on Surety Protection S. 341-360

„… , generally speaking, special protection vis-à-vis a consumer creditor. The second exception from the …” „… Rules on Surety Protection A. General Background: PECL and a European “Civil Code” 341 I. The …” „… . Consumer Protection in Entering into a Suretyship 345 IV. Special Substantive Rules 347 A. General …”

Annina H. Persson The Nordic Countries S. 259-340

„… 259 Sweden, Denmark, Finland, Norway, Iceland Annina H. Persson∗ Protection of Non-Professional …” „… Personal Security 263 D. The Suretyship Agreement 265 E. The Creditor’s Obligation to investigate the …” „… Creditworthiness of the Debtor and the Guarantor 267 F. The Creditor’s Duty to inform the Guarantor 269 G …”

Sophie Vigneron France, Belgium and the Netherlands S. 103-153

„… 103 France, Belgium and the Netherlands Sophie Vigneron* Protection of Non-Professional Sureties …” „… 114 E. Protection of Spouses 117 F. Conclusion 119 A. Introduction Credit is a necessary part of …” „… contractual security and surety protection can be found in two Acts of 19892 which became sections sequential …”

Gerard McCormack England, Scotland and Ireland S. 153-215

„… agreements and also a procedure set out before the creditor can enforce any security. The protection …” „… 153 England, Scotland and Ireland Gerard McCormack* Protection of Surety Guarantors in England …” „… Guarantee 160 III. Material Alteration of the Terms of the Guarantee by the Creditor 161 IV. Material …”

Gina Gioia Italy, Portugal and Slovenia S. 215-259

„… ) on one hand is compared to the protection of the creditor on the other. The historical analysis of …” „… consumer, he/she can not be granted the same protection as the consumer creditor. 54 See Fn. 34. Gioia …” „… 215 Italy and Portugal Gina Gioia* In Search of the Effective Protection of the Weak Surety in …”

Aurelia Colombi Ciacchi Formal and Substantive Disparity in European Suretyship Law: A Comparative Summary S. 383-396

„… minimum standard of surety protection which the Member States and their courts may specify and extend on …” „… of protection of non-professional sureties against unfair banking practices from an EC law viewpoint …” „… economic perspective towards a social one, entailing the protection of weaker parties from unfair contracts …”

Christoph U. Schmid Private Suretyships as a Socio-Legal Crucible of Modern Civil Law S. 21-43

„… be necessary. Because here the surety creditor is not more worthy of protection than all the other …” „… . Moreover it would be presented as a protection of the creditor, if he could gain access to another estate …” „… case“; it concerns the basic private law problem of the coordination of freedom and social protection …”

Aurelia Colombi Ciacchi The Protection of Non-Professional Sureties in Europe: A Research Project S. 15-21

„… 15 INTRODUCTION Aurelia Colombi Ciacchi∗ The Protection of Non-Professional Sureties in Europe …” „… Problem 15 B. The Bremen-Oxford Project “Protection from Unfair Suretyships in the EU” 17 I …” „… . Participants 17 II. Research Objectives 17 C. Research Method: Levels of Protection, Substantive Disparity …”

doi.org/10.5771/9783845205366

Christian Calliess - Herausforderungen an Staat und Verfassung

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Christian Calliess (ed.)

Herausforderungen an Staat und Verfassung

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 100 2015

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Stefan Weber Creditor Bail-in Tools to Avoid Bankruptcy Liquidation of Financial Institutions and the Fair and Equitable Treatment Standard S. 360-382

„… ) protection and security as well as protectionagainst unreasonable or discriminatory measures, these standards …” „… Creditor Bail-in Tools to Avoid Bankruptcy Liquidation ofFinancial Institutions and the Fair and …” „… ensuring the continuity ofcritical functions. For most creditors of the financial institutions and, as …”

Titelei/Inhaltsverzeichnis S. 1-24

„… TomuschatCreditor Bail-in Tools to Avoid Bankruptcy Liquidation of FinancialInstitutions and the Fair and Equitable …” „… Courts in Human Rights Protection 1050Jörg PolakiewiczVerzeichnis der Veröffentlichungen von Torsten …”

doi.org/10.5771/9783845254319

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