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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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Vuk Radović Shareholders Protection in Mergers and Divisions in Serbian Law S. 99-132

„… Shareholders Protection in Mergers and Divisions in Serbian Law Vuk Radović* Summary General …” „… (Division Plan)IV. 121 Subsequent (ex post) Protection of MembersC. 124 The Right of Dissenting Shareholders …” „… . 13 and 65. Shareholders Protection in Mergers and Divisions in Serbian Law 101 with unanimity giving …”

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

„… remedies for their protection. The report for the shareholders may be waived if all of them agree. The …” „… well as the protection offered to shareholders, creditors and employees. The Proposal (Art. 86.d) also …” „… protection of minority shareholders and creditors.53 Minority Shareholders’ Protection General Considerations …”

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

„… choice of the applicable law.4 Under this reading, creditor (or albeit shareholder) protection is not the …” „… field of creditor protection aims at making it impossible for shareholders to use a merger or division …” „… Creditor Protection in Mergers in Europe Martin Winner* Summary IntroductionA. 49 Domestic MergersB …”

Foreword S. 5-8

„… mergers in European law. Mirjana Radović and Vuk Radović focus on creditor and shareholder protection in …” „… Shareholders Protection in Mergers and Divisions in Serbian Law 99 Vuk Radović Employee Participation in the …” „… , shareholders, and employees. Corporate restructurings entail even additional risks for these groups if they …”

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

„… important in these two cases, as opposed to takeovers where the protection of shareholders of the target …” „… Right to Obtain Adequate SafeguardsIII. 91 Judicial ProtectionIV. 94 ConclusionD. 95 Bibliography 96 …” „… Creditor Protection in Restructurings in Serbia Mirjana Radović* Summary IntroductionA. 73 …”

Erika Kovács Employee Participation in Cross-Border Mergers – European Rules, Risks and Loopholes S. 159-184

„… protection of shareholders “between companies which operate in other Member States by opening branches and …” „… one hand, and the protection of employees’ participation rights, on the other, arriving at a legal …” „… ”). Additionally, making cross-border mergers possible through European regulation without appropriate protection …”

Achim Seifert Employee Participation in the Boards and Corporate Restructuring – The Perspective of EU Law S. 133-158

„… [Mitbestimmungsgesetz] guarantees even an equal representation of shareholders and employees in the supervisory boards …” „… Labour Code of Luxembourg. 14 For a critical analysis of this lack of protection, see Achim Seifert …” „… Directive (EU) 2017/1132 only partially addresses the protection of employees in a division operation …”

Diana Niksova Cross-Border Transfers of Undertakings S. 201-232

„… shareholder is a foreigner.9 Special emphasis in this paper will be put on the second requirement: Can the …” „… primarily the protection of the employees whose rights must be safeguarded in the event of a change of …” „… special protection to employees. If no choice of law has been made, the employment contract will be …”

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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Silja Maul, Larissa Furtwengler Article 5 Protection of minority shareholders, the mandatory bid and the equitable price S. 994-999

„… . Article 5 Protection of minority shareholders, the mandatory bid and the equitable price 1. Where a …” „… Protection of minority shareholders, the mandatory bid and the equitable price 994 Silja Maul and Larissa …” „… equitable price. 1. 2. 3. 1. 1 (EU) 534/2002. Art 5 Protection of minority shareholders, the mandatory bid …”

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

„… secure the effectiveness of the prescribed pre-emption right and the desired shareholder protection …” „… the context of an increase in capital Article 72 provides for a core element of shareholder protection …” „… it as providing too little shareholder protections.5 II. Historical Background Article 72 derives …”

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 …” „… ) at least one month before the date specified under (i), all shareholders of the acquiring company are …” „… company; (iii) one or more shareholders of the acquiring company holding a minimum percentage of the …”

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 …” „… of the foundation. II. Ratio-Altering Divisions and Protection of Minority Shareholders However …” „… specific protection of minority shareholders.3 In the event of a ratio-altering division, Article 139(2 …”

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

„… shareholders and protection of the interests of the company is ensured. 7. Member States shall ensure that …” „… regulating this problem is the fundamental element of shareholder protection”. Cf. further Enriques and …” „… terms that ensure equal treatment of all shareholders and protection of the interests of the company may …”

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

„… shareholders who are in good faith was aimed to reconcile the need for protection of the company with the …” „… protection of those shareholders who cannot be blamed for the infringement.2 III. Scope Any distribution …” „… .). It is true that issuer liability leads to an outflow of funds to the respective shareholder and such …”

Jan Lieder, Martin Bialluch Article 8 Participation in the general meeting by electronic means S. 910-914

„… suitable for overcoming the rational apathy of (foreign) shareholders.2 Where data protection issues are …” „… shareholders, the good order of general meetings and their preparation and the protection of confidentiality …” „… Shareholder Qualification (Para. 4) The problem of proportionate shareholder identification16 for determining …”

Jan Lieder, Martin Bialluch Article 9 Right to ask questions S. 914-919

„… shareholders, the good order of general meetings and their preparation and the protection of confidentiality …” „… board approval”)31. Article 9 Right to ask questions 1. Every shareholder shall have the right to ask …” „… to it by shareholders. 2. The right to ask questions and the obligation to answer are subject to the …”

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 …” „… State on the grounds of divergent application of provisions for the protection of shareholders and third …”

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

„… the recital, the member states may provide the liability of the single shareholder for the company …” „… . Protection provisions of third parties Single-member companies have the special feature that their sole …” „… shareholders are not controlled by other shareholders and that they are often at the same time managing …”

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

„… for the shareholders if all the shareholders agree that it may be dispensed with”.31 A similar …” „… are to be regarded – similar to Article 95(3) – as a consequence of the shareholders’ right to …” „… self-determination. V. Civil Liability of Experts (Article 107) Shareholders of the transferring company are …”

Jan Lieder, Martin Bialluch Article 3 a Identification of shareholders S. 870-876

„… companies or grant shareholders additional rights in order to strengthen their position and facilitate …” „… shareholder participation.4 Taking into account the intention of the SRD legislator, which can be seen clearly …” „… law. CHAPTER IA IDENTIFICATION OF SHAREHOLDERS, TRANSMISSION OF INFORMATION AND FACILITATION OF …”

Index S. 1029-1055

„… 139 7 f. – general meeting 139 1 – majority requirements 139 2 – protection of minority shareholders …” „… . – proposals 118 14 ff. – protection of creditors 126b 1 ff. – protection of shareholders 118 39, 126a 1 ff …” „… – vote against the draft terms 86i 1 Protection of minority shareholders IV 5 1 ff., 11 …”

Jan Lieder, Martin Bialluch Article 7 Requirements for participation and voting in the general meeting S. 907-910

„… ensure: (a) that the rights of a shareholder to participate in a general meeting and to vote in respect …” „… (b) that the rights of a shareholder to sell or otherwise transfer his shares during the period …” „… that the rights of a shareholder to participate in a general meeting and to vote in respect of his …”

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

„… shares in the company in the hands of a single shareholder (subsequent single-member company).1 Original …” „… shareholder. A still common practice is a nominee or “straw man formation” (German: Strohmann-Gründung), i.e …” „… shareholder but holds his shares in trust/for the account of the sole economic shareholder.5 That was a …”

Peter Kindler Introduction S. 1-65

„… and Economics 233; Winner, ‘Protection of Creditors and Minority-Shareholders in Cross-border …” „… mandatory law in order to provide effective legal protection for minority shareholders and third parties …” „… carry out operations anywhere in the EU, – provide protection for shareholders and other parties with a …”

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

„… ) – for the purpose of shareholder protection – the general meeting has to authorise the acquisition and …” „… all shareholders who are in the same position, and to Regulation (EU) No 596/2014, Member States may …” „… distributed to the shareholders, except in the event of a reduction in the subscribed capital; this reserve …”

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

„… companies are allocated to the shareholders of the company being divided in proportion to their rights in …” „… shares does not require any further detailed explanation or justification, as the shareholder structure …” „… judicial authority having the power: (a) to call a general meeting of the shareholders of the company being …”

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

„… that shareholders do not frustrate restructuring efforts by abusing these rights. For the purpose of …” „… derogate from the obligation to convene a general meeting of shareholders or from the normal time periods …” „… , equally effective tools in place to ensure that shareholders do not unreasonably prevent the adoption or …”

Tobias de Raet Article 94 Derogation from the requirement of approval by the general meeting of the acquiring company S. 522-524

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2. Right of shareholder to inspect the documents specified in Article 97(1) 5 3. Protection of …” „… (d)) and the expert report (point (e)). Protection of minority shareholders The most important …” „… , point (c) provides for an adequate protection of minority shareholders and defines an adequate mechanism …”

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

„… special importance for the protection of shareholders, members and third parties. Simultaneous …” „… shareholders may be made when on the closing date of the last financial year the net assets as set out in the …” „… to in paragraph 1. 3. The amount of a distribution to shareholders may not exceed the amount of the …”

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

„… also apply to a compulsory withdrawal of shares.4 It aims to provide shareholder protection as well as …” „… though the legislature aimed not only to provide for shareholder protection but also creditor protection …” „… redemption purposes (cf. → Art 56 mn. 4 et seqq.). Shareholders whose shares are redeemed shall retain their …”

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

„… , reinforces this position.2 Established standards of protection for the benefit of shareholders and third …” „… protection should apply in the interest of the shareholders and third parties. Furthermore, there is a need …” „… . 223-1 Code de commerce states that the sole shareholder shall exercise the powers of the meeting of …”

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

„… that the reduction shall be void, or that no payment may be made for the benefit of the shareholders …” „… about by the total or partial waiving of the payment of the balance of the shareholders’ contributions …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 VII. Waiver of Payment of Shareholder Contributions …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 4 988 Protection of minority shareholders, the mandatory bid and the equitable price . .Article 5 …” „… protect shareholders and others competitors, and to facilitate and safeguard internal and external trade …” „… statements (2013/34/EU), the single-membered company (2009/102/EC), shareholders’ rights (2007/36/EC) and …”

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

„… Court of Justice argues, “the protection conferred by the Second Directive on the shareholders and …” „… shareholder whose rights are affected by the transaction. 4. This Article shall apply to the issue of all …” „… provisions on “genehmigtes Kapital”.2 III. Purpose The provisions serve the purpose of shareholder …”

Article 61 Derogation from rules on acquisition of own shares Jan P. Brosius S. 297-301

„… protection of minority shareholders in the event, particularly, of a merger, a change in the company’s object …” „… a legal obligation or resulting from a court ruling for the protection of minority shareholders …” „… transfer of shares; (e) shares acquired from a shareholder in the event of failure to pay them up; (f …”

Tobias de Raet Article 126 Approval by the general meeting S. 643-648

„… a 100 % subsidiary into its parent company. Since there are no outside shareholders, an expert …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 I. Approval of the General Meeting The approval of the shareholders' meeting is the fourth …” „… principles of European company law is that fundamental decisions must be taken by shareholders.3 As with …”

Jan Lieder, Martin Bialluch Article 9 b Information to be provided in and right to vote on the remuneration report S. 931-943

„… transparency and protection for shareholders and investors”70. These beneficiaries of the protective purpose of …” „… policy and only requires a shareholder vote as such, Member States do not have to provide for sanctions …” „… in case of repeated refusal of the remuneration policy by shareholders. A freeze of the previous …”

Tobias de Raet Article 114 Exemption from requirements applicable to mergers by acquisition S. 572-573

„… the acquiring company. Such an exit right is one of the key protections of minority shareholders in …” „… ex-post protection by a right to exit.5 If the minority shareholders make use of such an exit right …” „… of shareholders in the acquiring company holding a minimum percentage of the subscribed capital of …”

Klaus Bader, Andreas Börner Article 144 Simplified formalities S. 709-710

„… shareholders are able to take an informed decision. The provisions set forth under Article 143(1) concerning …” „… and correspond to a large extent to those of Article 97 for mergers. Every shareholder has to be given …” „… septies, regulating the disclosure requirements in relation to shareholders of merging companies, directly …”

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 …” „… banned from voting.101 Liability of controlling shareholders who benefited from improper or illegally …” „… . Every shareholder shall have the right to appoint any other natural or legal person as a proxy holder to …”

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 …” „… shareholders; it may be used only for offsetting losses incurred or for increasing the subscribed capital by …” „… making payments or distributions to shareholders, or discharging shareholders from the obligation to make …”

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 …” „… to Article 114 subparagraph 1 point (a), the minority shareholders of the company being acquired need …” „… the shareholders in favour of and against the merger. While minority shareholders shall not be …”

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

„… provide for minority shareholder protection. If the administrative or management body decides not to …” „… shareholders make use of the possibility to waive the expert report under the provisions, for instance, in …” „… creditor protection.25 Article 84 (3) Further, pursuant to Article 84 (3) Member States must ensure that …”

Jan P. Brosius Article 81 Redemption of the subscribed capital or its reduction by withdrawal of shares in case of several classes of shares S. 376-378

„… VI. Minimum Provision Article 80 provides for minimum protection. Member States may provide for …” „… withdrawal of shares shall be subject to a separate vote, at least for each class of shareholders whose …” „… principle of equal treatment of shareholders as laid down in Article 85. This principle does not require to …”

Klaus Bader, Andreas Börner Article 140 Derogation from the requirement of approval by the general meeting of a recipient company S. 702-703

„… fully harmonise the protection of minority shareholders, but explicitly leave it to the Member …” „… States to enact special provisions to ensure adequate protection of minority shareholders.5 Article 140 …” „… specified in point (a), all shareholders of each recipient company are entitled to inspect the documents …”

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

„… shareholders whose rights are affected by the transaction. I. Historical Background …” „… Article 68 (3), an application of the principle of equal treatment of shareholders.2 This principle does …” „… . However, within these classes of shares, the shareholders must be treated equally as they are “in the same …”

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

„… conversions.10 The principle of equal protection aims to protect shareholders without special rights as …” „… system to a one-tier system and vice versa, different rules on passing board and shareholder resolutions …” „… requirement focusses on accomplishing the principle of equal treatment of all shareholders in the company …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 II. Ratio-Altering Divisions and Protection of Minority Shareholders . . . . . . . . . . 9 I …” „… measures in connection with the acquisition by the shareholders of the legal entity being divided, (k) the …” „… , the draft terms must specify (a) the share exchange ratio, (b) the date as from which the shareholders …”

Silja Maul, Larissa Furtwengler Article 3 General principles S. 985-988

„… be a sort of catch all clause for the protection of the holders of securities, which also applies to …” „… of consideration Art 3 (1)(e) and the protection of the offeree company Art 3 (1)(f). The principle …” „… . minority shareholders are treated the same way as are shareholders of a large proportion or shareholders …”

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 …” „… to prevent shareholders from making “fictive” contributions. Such approach was considered to be one …”

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

„… States may also require these provisions to be applied when the assets belong to a shareholder or to any …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 VII. Minimum Protection and Scope for National Legislation …” „… contributions in kind where a shareholder who intends to make a contribution in kind, but, at the same time, is …”

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

„… also serves the protection of the shareholders. The provisions guarantees that all shareholders have to …” „… a premium paid11 and thereby highlights the underlying notion of shareholder protection. 7 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 VIII. Minimum Protection and Scope for National Legislation …”

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

„… protection in the event of capital reduction and the convening of shareholders’ meeting in the event of …” „… employees as a body, who are represented at general meetings of shareholders by delegates having the right …” „… first subparagraph shall be without prejudice to the principle of equal treatment of shareholders. I …”

Article 65 Additional safeguards in case of related party transactions Jan P. Brosius S. 317-320

„… provision granting the right to every shareholder who disagrees with the proposed financial assistance, to …” „… 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 …”

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

„… subscribed capital, this reserve may not be distributed to shareholders. It may be used only for offsetting …” „… . 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 …”

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

„… all the redeemed shares must be included in a reserve which cannot be distributed to the shareholders …” „… provision is made for the payment of a premium to shareholders in consequence of a redemption, the premium …” „… shareholders except in the event of a reduction in the subscribed capital; this reserve may be used only for …”

Klaus Bader, Andreas Börner Article 142 Examination of the draft terms of division by experts S. 705-707

„… towards adequate shareholder protection. This examination serves to protect the members (protection by …” „… this area, thus intensifying the protection of shareholders. IV. Content Requirements With regard to …” „… the company being divided towards its shareholders and the management or administrative bodies of the …”

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

„… provides for minimum protection. The Member States may implement stricter requirements. VI. Direct …” „… exchange of shares and to pay the shareholders of the company which is being absorbed or divided, or which …” „… that all the shareholders in the company which receive the consideration have agreed not to have an …”

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

„… persons of the shareholders or the extent of their participation, to submit a signed list of shareholders …” „… minutes or drawn up in writing. Sole shareholder as “shareholders’ meeting”, Art 4 (1) According to …” „… Article 4 (1) of the Directive, the sole member possesses the competences of the meeting of shareholders …”

Klaus Bader, Andreas Börner Article 137 Draft terms of division S. 693-697

„… to minority shareholders. Article 137 Draft terms of division 1. The administrative or management …” „… allocation to the shareholders of the company being divided of shares in the recipient companies and the …” „… Directive with its focus on granting protection by information.1 The protection of the interests of members …”

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

„… direct application (→ Intro Art 44 mn. 64). Article 53 Shareholders' obligation to pay up contributions …” „… Subject to the provisions relating to the reduction of subscribed capital, the shareholders may not be …” „… principle of effective capital contribution and aims to protect creditors as well as shareholders. The …”

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 …” „… to foster the concentration of companies32 and the protection of shareholders33, the 2017 Directive …” „… pursues an equivalent protection for both shareholders and creditors.34 Taking into account these aims …”

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 …” „… holders may also individually waive the protection granted to them pursuant to Articles 99 and 100.5 III …”

Klaus Bader, Andreas Börner Article 143 Availability of documents for inspection by shareholders S. 707-709

„… of the “European model for structural changes” and central element of shareholder protection, every …” „… Availability of documents for inspection by shareholders 1. All shareholders shall be entitled to inspect at …” „… shareholders in accordance with this paragraph. 2. The accounting statement provided for in point (c) of …”

Tobias de Raet Article 106 Civil liability of members of the administrative or management bodies of the company being acquired S. 557-559

„… shareholders are in particular need of protection.3 The concept of direct liability towards the shareholders …” „… the civil liability, towards the shareholders of the company being acquired, of the members of the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1. Liability towards the shareholders of the company being acquired . . . . . . . 3 2. Liability …”

Jan Lieder, Martin Bialluch Article 6 Right to put items on the agenda of the general meeting and to table draft resolutions S. 902-907

„… shareholders, acting individually or collectively: (a) have the right to put items on the agenda of the general …” „… shareholders, acting individually or collectively, have the right to call, or to require the company to call, a …” „… requested by those shareholders. Member States may provide that those rights shall be exercised in writing …”

Article 67 Subscription, acquisition or holding of shares by a company in which the public limited liability company holds a majority of the voting rights or on which it can exercise a dominant influe... S. 322-330

„… same time a shareholder or member of the other company; or (ii) is a shareholder or member of the other …” „… company and has sole control of a majority of the voting rights of its shareholders or members under an …” „… agreement concluded with other shareholders or members of that company. Member States shall not be obliged …”

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

„… 1 employees. Hence, the report was only addressed at the members (i.e. shareholders) of the merging …” „… terms and conditions the shareholders could waive the requirement to have the report drawn up, since it …” „… and one addressed at the shareholders. The amended Article 124 was to provide that the report …”

Klaus Bader, Andreas Börner Article 141 Detailed written report and information on a division S. 703-705

„… towards adequate shareholder protection. This examination serves to protect the members (protection by …” „… be adopted if, within one month after such notice, one or more shareholders, who jointly represent at …” „… participating companies, which is subsequently made available to all shareholders in accordance with the …”

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

„… amount of shareholders, falling below such threshold may not lead to the automatic dissolution of the …” „… 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 …”

Silja Maul, Larissa Furtwengler Article 9 Obligations of the board of the offeree company S. 1005-1008

„… authorisation of the general meeting of shareholders given for this purpose before taking any action, other than …” „… shareholders shall approve or confirm any decision which does not form part of the normal course of the …” „… referred to in paragraphs 2 and 3, Member States may adopt rules allowing a general meeting of shareholders …”

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 …” „… provisions aim to provide for shareholder protection by means of information and transparency. The report …” „… price. The provision in Article 64 (5) aims to provide for shareholder protection against dilution of …”

Tobias de Raet Article 93 Approval by the general meeting of each of the merging companies S. 518-522

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2. Right of shareholder to inspect the documents specified in Article 97(1) 5 3. Protection of …” „… decision concerning a merger shall be subject to a separate vote by at least each class of shareholders …” „… . Separate Vote for Each Class of Shareholders (Para. 2) . . . . . . . . . . . . . . . . . . . . . . . 12 III …”

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

„… shareholder protection.23 Notwithstanding the gaps in the present system of legal capital, it cannot be …” „… capital does not necessarily reduce the level of shareholder protection. It concluded that it would …” „… protection of the interests of members and others, are required by Member States of companies within the …”

Jan Lieder, Martin Bialluch Article 1 Subject matter and scope S. 857-863

„… of certain rights of shareholders in listed companies (Shareholder Rights Directive) last amended by …” „… -, Kapitalmarkt- und Gesellschaftsrecht’ WM 2008, 2340; Bork, ‘Die Regelungen zu “know-your-shareholder” im …” „… 2017, 1190; Chiu, ‘Learning from the UK in the Proposed Shareholders’ Rights Directive 2014? European …”

Article 66 Acceptance of the company’s own shares as security Jan P. Brosius S. 320-322

„… event of realisation of the security, the company assumes the entrepreneurial risk the shareholder is …” „… 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 …”

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

„… Article 98 Protection of employees’ rights Protection of the rights of the employees of each of the …” „… merging companies shall be regulated in accordance with Directive 2001/23/EC. I. Protection of Employees …” „… are to be dealt with in the course of the merger.1 Since employees are – like shareholders and …”

Tobias de Raet Article 125 Independent expert report S. 634-643

„… liability of members of the administrative or management bodies towards the shareholders of the company …” „… the cross-border merger by independent experts ensures the protection of the members (protection by …” „… management) do not try to evade certain requirements without the shareholders being able to prevent this …”

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

„… (d) of Article 143(1) if all the shareholders and the holders of other securities conferring the …” „… Article 142(1) are not required if all shareholders and holders of other securities conferring voting …” „… , following Article 2506ter Italian Civil Code, shareholders and holders of other securities conferring voting …”

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

„… and minority shareholder protection …”. 12 Schurr, EuZW 2019, 539, 543. 13 Luy, GmbHR 2019, 1105, 1106 …” „… , the law of the departure Member State will be decisive. Article 86 i Protection of members 1. Member …” „… Protection of members 434 Karsten Kühnle 12 13 Member States may require that express opposition to the …”

Dieter Leuering Preface S. 835-840

„… only one shareholder and allows the limitation of liability of individual entrepreneurs within the …” „… structure of the limited liability company to enable it to be formed and operated by a single shareholder …” „… . The limited liability company may thus be formed and operate with a single shareholder as well as with …”

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

„… terms of division or in Article 137(3); (b) the shareholders of the company being divided become …” „… shareholders of one or more of the recipient companies in accordance with the allocation laid down in the draft …” „… introduced an express dispensation from the obligation to grant shares in the event that all shareholders of …”

Jan Lieder, Martin Bialluch Article 9 a Right to vote on the remuneration policy S. 919-931

„… . The SRD’s “Say on Pay” Concept Articles 9 a to 9 c SRD deal with shareholder rights and the protection …” „… establish a remuneration policy as regards directors and that shareholders have the right to vote on the …” „… remuneration policy at the general meeting. 2. Member States shall ensure that the vote by the shareholders at …”

Dieter Leuering Article 6 [The one-person public limited liability company] S. 852-853

„… , reinforces this position.2 Established standards of protection for the benefit of shareholders and third …” „… protection should apply in the interest of the shareholders and third parties. Furthermore, there is a need …” „… public limited liability companies3 and the circumvention of the protection regulations by changing to …”

Jan P. Brosius Article 83 Voting requirements for the decisions of the general meeting S. 380-382

„… If, in consequence of a redemption, a premium is to be paid to the respective shareholder …” „… body, who are represented at general meetings of shareholders by delegates having the right to vote (cf …” „… the coordination of safeguards which, for the protection of the interests of members and others, are …”

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 …” „… representation is attributed by the law or by the shareholders, and (c) whether the power is attributed to a …” „… both the collective body and the members of it, the scope of the protection under Art 9 may be extended …”

Jan P. Brosius Article 71 Increase in capital not fully subscribed S. 345-346

„… shareholders’ resolution provided for accordingly.2 14 Lutter/Bayer/Schmidt, Europäisches Unternehmens- und …” „… full subscription requires the transparency of a shareholders’ resolution.5 The competence to decide …” „… , the shares shall be offered on a pre-emptive basis to shareholders in proportion to the capital …”

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

„… reduction pursue two main purposes. One is to guarantee the equal treatment of shareholders and their …” „… 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 …”

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 …”

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

„… cross-border merger, on which the shareholders are to vote at the general meeting (cf. Article 126). The …” „… domestic mergers.3 This model primarily pursues a concept which seeks to provide protection through …” „… However, in view of the concept of 'protection by information'25 pursued by Chapter II, it is in any case …”

Silja Maul, Larissa Furtwengler Article 6 Information concerning bids S. 999-1003

„… treatment. Further protection (Art 5 (6)) Art 5 (6) leaves it to the Member States to create more protection …” „… for minority shareholders, since it allows further measures that do not interfere with the normal …” „… Information concerning bids 1000 Silja Maul and Larissa Furtwengler 1 2 information for shareholders …”

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

„… capital 1. In the case of a serious loss of the subscribed capital, a general meeting of shareholders …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 VIII. Minimum Protection and Scope …” „… safeguards which, for the protection of the interests of members and others, are required by Member States of …”

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 …”

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 …” „… opportunism or expropriation strategies by the majority shareholders ultimately forcing the minority …” „… shareholders to accept a change of the lex societatis and change of forum2, the 2019 Directive establishes two …”

Peter Kindler Article 42 Exemptions to provisions on disclosure of accounting documents for branches S. 202-204

„… commentaries to Art 30, para. 17 et seq., and to Art 37, para. 26 et seq. The shareholders of a limited …” „… shareholders shall carry out the disclosure formalities provided for in Sections 2 and 3. Article 42 Exemptions …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 3. Legal relationship between shareholders and company . . . . . . . . . . . . . . . . . . . 38 4 …”

Hanno Merkt Accounting and Auditing Law of the European Union S. 809-835

„… 25 October 2012 on coordination of safeguards which, for the protection of the interests of members …” „… Law of the European Union Hanno Merkt 817 26 27 28 Art 20(1) Issue (e) operation of the shareholder …” „… meeting and its key powers and shareholders' rights and their exercise (f) composition and operation of …”

Jan Lieder, Martin Bialluch Article 3 j Transparency of proxy advisors S. 891-895

„… at all “shareholders” themselves, but rather external parties.5 This can also be seen in the …” „… protection of business secrets and not to de facto annihilate the entire field of business activity of the …” „… shareholders with respect to shares of companies which have their registered office in a Member State and the …”

Jan P. Brosius Article 47 Issuing price of shares S. 235-239

„… protection of shareholders and third parties.17 Accordingly, the European Commission ordered a study by KPMG …” „… 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 …”

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

„… .1 In the interest of the most comprehensive possible protection of shareholders and the legal …” „… scope of the creditor protection pursuant to Article 146 in principle to all debenture holders. However …” „… waive the joint contingent liability of other recipient companies. Article 147 Protection of holders of …”

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

„… , ‘Protection of Creditors and Minority Shareholders in Cross Border Transactions’ ECFR 1-2/2019, 44- 47 et seq …” „… , ‘Protection of Creditors and Minority Shareholders in Cross Border Transactions’ ECFR 1-2/2019, 44, 55. Art …” „… to that company. 12 Winner, ‘Protection of Creditors and Minority Shareholders in Cross Border …”

Jan P. Brosius Article 55 Modification of the statutes or of the instrument of incorporation S. 271

„… shareholders may be made when on the closing date of the last financial year the net assets as set out in the …” „… to in paragraph 1. 3. The amount of a distribution to shareholders may not exceed the amount of the …” „… coordination of safeguards which, for the protection of the interests of members and others, are required by …”

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

„… favour of a company: a management system which allows non-shareholders to be a board member …” „… necessarily ensure the protection of persons who deal with companies through the intermediary of branches …” „… company, its main relevance lies in the field of shareholders’ liability for the debts of the company. The …”

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

„… shareholders the benefit of the results of the management of their assets, — which offer their own shares for …” „… 1976 on the coordination of safeguards which, for the protection of the interests of members and others …” „… 25 October 2012 on coordination of safeguards which, for the protection of the interests of members …”

Klaus Bader, Andreas Börner Article 148 Drawing up and certification of documents in due legal form S. 715-716

„… most comprehensive possible protection of shareholders and the legal transaction as such, Germany has …” „… lent protection must be respected by the recipient companies, against whom the affected right …” „… . The request must be made in writing within one month after it has informed the shareholder the he may …”

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

„… 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 54 provides for protection against a circumvention of the provisions in Articles 3 through 6 and …”

Jan P. Brosius Article 77 Reduction in the subscribed capital and the minimum capital S. 367-368

„… existing shareholders. The company may not make any payments or distributions to shareholders or …” „… 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 …”

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

„… rules on third party protection in para. 5 and 6.1 The registrar collects the information from the …” „… E-Justice-portal was the 8th of June 2017. Art 16 para. 5 and 6 state the protection of third parties who rely on …” „… Directive has reshaped the concept of third-party-protection due to the diminished role of the Gazette …”

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

„… requirements. Insofar, Article 68 provides a minimum level of protection.63 Member States may also abstain from …” „… asking its shareholder for further equity financing. Also, in the view of the Commission such requirement …” „… would increase creditor protection.4 The Economic and Social Committee, however, opposed that proposal.5 …”

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

„… administrative or management bodies of a company being divided towards the shareholders of that company in …” „… 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 …”

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 …” „… shareholder protection as well as fast track procedures.64 Based on the findings of a study from 2013,65 the …” „… framework for more engaged shareholders and sustainable companies, COM(2012) 740 final, 12.12.2012, p. 15 …”

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

„… that it would not be justified to allow shareholders to exchange unrealisable assets against liquidable …” „… 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 …”

Silja Maul, Larissa Furtwengler Introduction S. 979-981

„… authorities, squeeze-out and sell-out as well as the regulations for the protection of the shareholders (Art 5 …” „… shareholders, → Art. 3 mn. 7), as well as the adherence to certain frameworks in regards to time (→ Art. 7 mn …” „… level of protection can thus be increased by the Member States national legislation except for Art 6 …”

Jan P. Brosius Article 78 Redemption of subscribed capital without reduction S. 368-370

„… distribution within the meaning of Article 56(1) to (4) may be used for redemption purposes; (c) shareholders …” „… the coordination of safeguards which, for the protection of the interests of members and others, are …” „… on coordination of safeguards which, for the protection of the interests of members and others, are …”

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

„… enforcement of the Directive (→ cf. Intro Art 44 mn. 62 et seq.). VIII. Minimum Protection and Scope Article …” „… 57 provides for minimum protection. Member States are allowed to provide for stricter rules.25 IX …” „… material content has not been amended since. III. Purpose For the purpose of creditor protection Article …”

Peter Kindler Article 1 Subject matter S. 65-68

„… lays down measures concerning the following: — the coordination of safeguards which, for the protection …” „… safeguards equivalent, — the coordination of safeguards which, for the protection of the interests of members …” „… shareholders’ rights in listed companies). II. The single subject matters addressed by CD (EU) 2017/1132 The …”

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 …” „… quotas of the recipient companies to its shareholders”. Similarly, the Dutch Civil Code extends the scope …”

Klaus Bader, Andreas Börner Article 153 Conditions for nullity of a division S. 721-723

„… the offered protection has also been expanded beyond the minimum standard of the Directive in a …” „… grounds for nullity as well as regulations for the protection of legal rights held by affected third …” „… operation takes effect, all shareholders of companies involved in the operation are entitled to inspect the …”

Jan P. Brosius Article 4 Compulsory information to be provided in the statutes or instruments of incorporation or separate documents S. 79-83

„… the protection of any party involved in the formation of the company and its statutes and any third …” „… Directive 77/91/EEC of 13 December 1976 on the coordination of safeguards which, for the protection of the …” „… Parliament and of the Council of 25 October 2012 on coordination of safeguards which, for the protection of …”

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

„… is the need to prevent any circumvention of the safeguards regarding the protection of shareholders …” „… liability companies established in a Member State. It is thereby directed at introducing stronger protection …” „… requirements for the procedure to be undertaken and guidelines for the adequate protection of the stakeholders …”

Jan Lieder, Martin Bialluch Article 17 Addressees S. 976-979

„… regulations for the protection of the shareholders (Art 5) were to be debated among the Member States as well …” „… and fair procedure (equal treatment of the shareholders, → Art. 3 mn. 7), as well as the adherence to …”

Tobias de Raet Article 119 Definitions S. 594-598

„… by Section 2 of Chapter II of Title I and Section 1 of Chapter III of Title I for the protection of …” „… and partnerships is that shareholders of corporations are not personally liable for the company …” „… of its shareholders. A further difference is that corporations always have their own legal capacity …”

Silja Maul, Larissa Furtwengler Article 4 Supervisory authority and applicable law S. 988-994

„… dealing with disputes. Article 5 Protection of minority shareholders, the mandatory bid and the equitable …” „… 5 Protection of minority shareholders, the mandatory bid and the equitable price 994 Silja Maul …” „… consideration. The protection of the offeree company (Art 3 (1)(f)) Art 3 (1)(f) stipulates that an offeree …”

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 …” „… fulfilled, including whether the company is solvent, the requisite majority of shareholders has approved the …” „… conversion at a general meeting and employees, minority shareholders and creditors are protected within the …”

Karsten Kühnle Article 86 a Scope S. 398-403

„… , implications of the transfer on employees, the proposed timeline, protection of shareholders and creditors …” „… shareholders and the employees of the SE are complied with; the cross-border conversion must not undermine the …” „… provisions aiming at stakeholder protection. Civil partnerships – not covered by the 2019 Directive In …”

Peter Kindler Article 43 Contact Committee S. 204

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 3. Legal relationship between shareholders and company . . . . . . . . . . . . . . . . . . . 38 4 …” „… . Minimum Protection and Scope for Divergent National Legislation . . . . . . . . . 55 VII. Incomprehensive …” „… Parliament and of the Council of 25 October 2012 on coordination of safeguards which, for the protection of …”

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

„… of division in accordance with Article 138 – however only if the “adequate protection system” for …” „… is therefore only permissible if the court satisfactorily determines that the shareholders and …” „… Regarding Creditor Protection If the division is subject to judicial supervision in accordance with the …”

Silja Maul, Larissa Furtwengler Article 23 Addressees S. 1027-1029

„… 2007/36/EC on the exercise of certain rights of shareholders IV: Directive 2004/25/EC on takeover bids …” „… effect 85a-86u 18 – gaps in stakeholder protection 85a-86u 20 – German Higher Regional Court of …”

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 …”

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

„… cannot be split up and divided over two or more entities.4 Article 146 Protection of the interests of …” „… laws of Member States shall provide for an adequate system of protection for the interests of the …” „… protection necessary, and where those creditors do not already have such safeguards. Member States shall lay …”

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

„… , 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 …” „… amount of shareholders, falling below such threshold may not lead to the automatic dissolution of the …”

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 …”

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

„… 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 …” „… Member State of the recipient company. Taking into account the wide variety of forms of protection of …”

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 …”

Article 63 Holding of own shares and annual report in case of acquisition of own shares Jan P. Brosius S. 302-305

„… shareholders and third parties with the essential information regarding the own shares that were acquired and …” „… protection of the interests of members and others, are required by Member States of companies within the …” „… Parliament and of the Council of 25 October 2012 on coordination of safeguards which, for the protection of …”

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 …” „… ), 36, 37(f), of the Directive. Its main relevance lies in the field of shareholders’ liability for the …” „… protection (Recital 16). Documents and information related to the representatives of the company and to …”

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

„… 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 …” „… claim validity within the framework of Art 7(2) that aims to provide encompassing protection of the …”

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

„… lies in the field of shareholders’ liability for the debts of the company. While it is true that the …” „… regime adopted. It goes without saying that this element is crucial for creditor protection. The same …” „… the branch can be run by its managing directors (first category, first indent) as the shareholders …”

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

„… dilution of their shareholdings, they are just as worthy of protection as the members of the recipient …” „… company in case of a cross-border merger.7 Article 160 i Protection of members 1. Member States shall …” „… 160 i Protection of members 774 Klaus Bader and Andreas Börner I. Protection of Members – The …”

Peter Kindler Article 36 Disclosure of documents and particulars relating to a branch S. 183-186

„… of a company: a management system which allows non-shareholders to be a board member …” „… necessarily ensure the protection of persons who deal with companies through the intermediary of branches …”

Tobias de Raet Article 133 Employee participation S. 680-686

„… . Publication of the Merger Documents if no Shareholders’ Meeting is Required Article 132(3), which was included …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (iii) Lower level of employee protection in establishments . . . . . . . . . . . . . . . 10 b …” „… streamlines and simplifies the cross-border merger process, but still guarantees adequate protection of …”

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

„… the European model for structural changes, aiming to protect the relevant stakeholders (shareholders …” „… of a report is considered as a minimum protection requirement to safeguard the employees’ interests.4 …” „… , minority protection, rights and obligations of directors, and taxation on dividends, specific judicature on …”

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 the protection of employees as regards rights other than those governed by Article 133. I …”

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

„… Kühnle 18 19 20 absence of gaps relative to protection of employees, minority shareholders and creditors …” „… , for the protection of the interests of members and others, are required by Member States of companies …” „… fact that national laws, if any, are still decisive for the protection of the stakeholders concerned.22 …”

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

„… and conditions, on the basis of which the shareholders are to vote at the general meeting. The draft …” „… safeguard offered to creditors One of the fundamental aims of the 2019 Directive is the protection of a …” „… protection set forth in Article 160 j. The draft terms shall illustrate which safeguards have been offered to …”

doi.org/10.5771/9783845279909

Jörn Griebel - Der eigentumsrechtliche Wertschutz von Anteilsrechten

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Jörn Griebel

Der eigentumsrechtliche Wertschutz von Anteilsrechten

Series: Studien zum Internationalen Investitionsrecht

Volume 34 2021

Results in this title

Literaturverzeichnis S. 483-501

„… . (zit.: De Visscher, La Protection Diplomatique). De Wulf, Hans: Direct Shareholder Suits for Damages …” „… Republic of the Congo, Clarifying The Scope of Diplomatic Protection of Corporate and Shareholders Rigths …” „… ). Kubiatowski, Stephan A.: The Case of the Elettronica Sicula S.p.A.: Towards Greater Protection of Shareholders …”

5. Kapitel: Eigentumsrechtlicher Schutz von Anteilseignern im Internationalen Investitionsrecht S. 275-380

„… . Kapitel: 1075 Douglas, Investment Claims, S. 400 und S. 418ff.; Schreuer, Shareholder Protection, S. 616ff …” „… , Shareholder Protection, S. 606; Gaukrodger, Shareholder Claims and Consistency, S. 7; Douglas, Investment …” „… , Eigentumsschutz, S. 82; Schreuer, Shareholder Protection, S. 601; Smutny, Claims of Shareholders, S. 363. 1115 …”

3. Kapitel: Der eigentumsrechtliche Schutz von Anteilseignern im allgemeinen Völkerrecht S. 121-206

„… : Siebel u.a., Projektfinanzierung, S. 977, 1009. 410 Schreuer, Shareholder Protection, S. 604; Perkams …” „… Corporate Veil, S. 146; dazu auch Schreuer, Shareholder Protection, S. 604; siehe auch Kriebaum …” „… , Eigentumsschutz, S. 83; Kröll/Griebel, Protecting Shareholders, S. 93. 412 Schreuer, Shareholder Protection, S …”

6. Kapitel: Bestandsaufnahme und Analyse der Wertschutzproblematik S. 381-476

„… .pdf (16.9.2019), § 93. 1570 Vicuna, Protection of Shareholders, S. 166; Schreuer, Shareholder …” „… f.; hierzu auch Muchlinski, Diplomatic Protection, S. 353; Gaukrodger, Shareholder Claims for …” „… theory of diplomatic protection of shareholders as such, by opening the door to competing diplomatic …”

1. Kapitel: Rechtliche Einordnung und Grundlagen der Untersuchung S. 33-72

„… Anteilsrechte etwa Schreuer, Shareholder Protection, S. 608 f. und 610ff.; Kriebaum, Eigentumsschutz, S. 87ff …” „… Wertschutz von Anteilsrechten teilweise unter Begrifflichkeiten wie shareholder claims for reflective loss …” „… al., Corporate Law, S. 15 f.; siehe auch Gaukrodger, Shareholder Claims for Reflective Loss, S. 9, Fn …”

4. Kapitel: Eigentumsrechtlicher Schutz von Anteilseignern in der EMRK S. 207-274

„… Eigentumsbegriff ausgestalten könnte, siehe Gaukrodger, Shareholder Claims and Consistency, S. 22. 847 Hierzu etwa …” „… Property, S. 752 m.w.N.; De Jong, Shareholders’ Claims for Reflective Loss, S. 103; zu der Frage, inwieweit …” „… , Northern Rock shareholders. 4. Kapitel: Eigentumsrechtlicher Schutz von Anteilseignern in der EMRK 226 fer …”

doi.org/10.5771/9783748908920

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

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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 …” „… Rights and the Constitutional Protection of Property Shareholder rights in Japan should be understood as …” „… amend the current squeeze out regime to increase protection for minority shareholders. As a matter of …”

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

„… excessive emphasis on protection of shareholders of parent companies, then parent companies necessarily have …” „… parent and subsidiary companies is protection of minority shareholders of subsidiary companies. From this …” „… system for protection of minority shareholders of subsidiary companies. Therefore, it is desirable that …”

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

„… points.83 The American negotiators urged Japan to strengthen shareholder protection by increasing the …” „… of the shareholder’s derivative action and the business judgment rule to elaborate on the new …” „… takes into consideration the consequences of the regime of shareholders‘ limited liability. Therefore …”

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

„… groups in Japan,3 despite most academics agreeing that the protection of minority shareholders and …” „… Kaisha ni okeru Shôsûuha Kabunushi no Hogo [Protection of Minority Shareholders in Subsidiary Companies …” „… subsidiaries. Furthermore the protection of minority shareholders in subsidiary companies is covered by the …”

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 …” „… a subsidiary Eiji Takahashi Abstract From the viewpoint of protection of members in a subsidiary …” „… ), the issue of protection of minority members and creditors for the cases in which the limited liability …”

Japanese Corporate Groups, Yesterday and Tomorrow S. 201-212

„… structure of the horizontal corporate groups. Free from the pressure of the shareholders, the managers could …” „… company can exercise the influence it has as a major shareholder. But the parent company is also dependent …” „… the presidents' meeting of the Mitsubishi-group (19): “The aim of our meeting is only the protection …”

5 Grundsatzfragen S. 400-402

„… . 493-500 (2014) Eiji Takahashi, Membership Company and Corporate Affiliation System – On Protection of …” „… Takahashi, Squeeze-out of Minority Shareholders: The Constitutionality Question, Zeitschrift für Japanisches …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Company and Corporate Affiliation Law System – On protection of members and creditors of a subsidiary 257 …” „… : Die Entwicklung der Lehre der Mitgliedschaft 369 Squeeze-out of Minority Shareholders: The …”

doi.org/10.5771/9783845280868

Christian Klausegger, Peter Klein, Florian Kremslehner, Alexander Petsche, Nikolaus Pitkowitz, Irene Welser, Gerold Zeiler - Austrian Yearbook on International Arbitration 2023

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Christian Klausegger (ed.), Peter Klein (ed.), Florian Kremslehner (ed.), Alexander Petsche (ed.), Nikolaus Pitkowitz (ed.), Irene Welser (ed.), Gerold Zeiler (ed.)

Austrian Yearbook on International Arbitration 2023

2023

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Index S. 409-412

„… Foundations 35 et seqq.Procedural Considerations 182 et seqq.Protection of Minority Shareholders in …” „… shareholder claims 200 et seqq.Arbitrability Decisions of the German Federal Supreme Court 200 et …” „… the Funding Agreement 131 et seqq.Dispute Boards 47 et seqq.Disputes Arising from Shareholders …”

Chapter II: The Arbitrator and the Arbitration Procedure S. 83-240

„… 20 contributorsThe Vienna Propositions for the Resolution of Shareholder and Corporate Disputes85The …” „… agreements).9) In other words, a party has no protection under the Singapore Convention if an opposing party …”

Titelei/Inhaltsverzeichnis

„… Petra Rihar D. Shareholder Disputes Arising From Shareholders’ Agreements Protection of Minority …” „… . Possibilities of Protection Against Shareholders’ Resolutions Violating the Shareholders’ Agreement …” „… the Vienna Propositions for the Resolution of Shareholder and corporate Disputes (Nikolaus …”

Chapter I: The Arbitration Agreement and Arbitrability S. 1-82

„… arbitral clause should be extended to other companies of a group or to its directors or shareholders is …” „… concerning the applicability and possible implications of the consumer protection provisions in Section 617 …” „… ” claim reserved to the shareholders that does not involve public interests.48)As a whole, several aspects …”

Recent Publications S. 401-408

„… protection legislation. This paper presents a proposal for legislation to resolve this issue developed by the …” „… new directive on representative actions for the protection of the collective interests of consumers …” „… the EU-UK Trade and Cooperation Agreement, which provides for foreign investment protection and …”

Chapter IV: Investment Arbitration S. 293-368

„… deprive claimants of investment treaty protection.Be that as it may and despite the convergence of …” „… international legal protection.In contrast to Judge Lagergren’s approach, the World Duty Free tribunal retained …” „… allegations of corruption and of a failure to provide full protection and security will inevitably look to the …”

doi.org/10.5771/9783214253226

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