DOCSLIB.ORG

Study on the Law Applicable to Companies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Study on the Law Applicable to Companies Study on the Law Applicable to Companies Final Report Carsten Gerner-Beuerle (London School of Economics) Federico M. Mucciarelli (SOAS & University of Modena) Edmund-Philipp Schuster (London School of Economics) Mathias M. Siems (Durham University) June 2016 EUROPEAN COMMISSION Directorate-General for Justice and Consumers Directorate A – Civil Justice Unit A1 – Civil Justice Policy Contact: Head of Unit E-mail: [email protected] European Commission B-1049 Brussels EUROPEAN COMMISSION Study on the Law Applicable to Companies Final Report Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*) : 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE This document has been prepared for the European Commission however it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2016 ISBN: 978-92-79-58018-5 doi: 10.2838/527231 © European Union, 2016 Study on the Law Applicable to Companies Study on the Law Applicable to Companies PREFACE The four authors herewith present to the European Commission DG Justice the final report in fulfilment of the contract following the ‘Open call for tender JUST/2014/JCOO/ PR/CIVI/0051: Study on the law applicable to companies with the aim of a possible harmonisation of conflict of laws rules on the matter’. The report has four main parts: (i) a statistical data collection examining how far, in the EU, companies operate in some form in Member States different from the Member State in which they have been incorporated; (ii) an empirical survey dealing with the practical problems created by the legal uncertainty for companies caused by the current situation stemming from the potential for conflicts of laws in a context where the substantive laws of the Member States have not been fully harmonised; (iii) a comparative analysis of the conflicts of laws rules applicable to companies, as well as the related rules of substantive law, in the laws of all Member States; and (iv) a normative assessment suggesting possible solutions to the problem, including a possible harmonisation of conflict of laws rules in the area of company law The abstract and the executive summary that follow the table of contents summarise the main findings of this study. The Annex of the report includes the 28 country reports that form the basis of the comparative part of the study. We thank the country experts and our research assistants for their excellent work, the members of the steering committee and the survey respondents for their participation, and LSE Enterprise and the European Commission for their support. We have sought to bring our work up to date to 1 May 2016, but some subsequent developments have been included where necessary or appropriate. Carsten Gerner-Beuerle Federico Mucciarelli Edmund Schuster Mathias Siems London, June 2016 6 Study on the Law Applicable to Companies CONTRIBUTORS Core Team • Dr Carsten Gerner-Beuerle, Associate Professor, London School of Economics and Political Science, UK • Dr Federico M. Mucciarelli, Reader in Financial Law at SOAS, University of London, UK and an Associate Professor, University of Modena and Reggio Emilia, Italy • Mr Edmund-Philipp Schuster, Assistant Professor, London School of Economics and Political Science, UK • Professor Mathias M. Siems, Professor of Commercial Law, Durham University, UK Steering Committee • Professor Hanne Søndergaard Birkmose, Aarhus University, Denmark • Dr Justin Borg-Barthet, University of Aberdeen, UK • Professor Blanaid Clarke, Trinity College Dublin, Ireland • Professor Pierre-Henri Conac, University of Luxembourg, Luxembourg • Professor Christoph van der Elst, Ghent and Tilburg Universities, Belgium and The Netherlands • Professor Guillermo Palao Moreno, University of Valencia, Spain • Professor Monika Pauknerová, Charles University Prague, Czech Republic • Professor Martin Winner, Vienna University of Economics and Business, Austria LSE Enterprise: • Ms Bregtje Kamphuis, LSE Enterprise Project Manager • Ms Anju Begum, Project Administration Manager Research Assistants: • Mr Petros Vinis • Mr Matt Bogdan 7 Study on the Law Applicable to Companies Country Experts Austria Martin Winner / Edmund Schuster Belgium Christoph van der Elst / Kristof Maresceau Bulgaria Vessela Stancheva Croatia Davor Babić / Tomislav Jakšić Cyprus Christiana Markou / Georgia Zantira Czech Republic Monika Pauknerová / Jan Brodec Denmark Hanne Søndergaard Birkmose Estonia Thomas Hoffmann Finland Matti J. Sillanpää France Michel Menjucq Germany Carsten Gerner-Beuerle / Mathias Siems Greece Thomas Papadopoulos Hungary Péter Metzinger Ireland Blanaid Clarke / David Kenny Italy Stefano Lombardo / Federico Mucciarelli Latvia Esmeralda Balode-Buraka Lithuania Frank Heemann / Karolina Gasparke Luxembourg Pierre-Henri Conac / Gilles Cuniberti Malta Justin Borg-Barthet / Adrian Mallia Netherlands Christoph van der Elst / Kristof Maresceau Jacek Bąk / Arkadiusz Rumiński / Sławomir Morawski / Oktawian Poland Kuc / Klaudyna Lichnowska / Kamil Adamski Portugal António Carneiro da Frada de Sousa Romania Radu Nicolae Catană / Oprea Alina / Sumandea Simionescu Ioan Slovakia Maria Patakyová / Barbora Czókolyová Slovenia Verica Trstenjak / Petra Weingerl Spain Guillermo Palao Moreno Sweden Rolf Skog / Erik Sjöman / Johan Danelius UK Peter Stone 8 Study on the Law Applicable to Companies TABLE OF CONTENTS Abstract .............................................................................................................. 12 Executive Summary .............................................................................................. 13 I. Introduction to Field of Study .......................................................................... 26 1. Overview and conceptual understanding ........................................................ 26 2. Real seat v. Incorporation theory .................................................................. 27 3. Case law of the Court of Justice .................................................................... 28 4. Summary .................................................................................................. 32 II. Statistical Data Collection ............................................................................... 33 1. Introduction ............................................................................................... 33 2. Data collection ........................................................................................... 33 2.1 Previous research .................................................................................. 33 2.2 Strategic considerations of this study ....................................................... 38 2.3 Data collection with Orbis ....................................................................... 40 3. Descriptive statistics of private companies in all Member States today .............. 41 3.1 Variations in data availability .................................................................. 41 3.2 Foreign-incorporated companies ............................................................. 42 3.3 Network presentation and clusters ........................................................... 44 4. Time series of new incorporations in the UK and Slovakia, 1990-2015 ............... 47 4.1 Data availability .................................................................................... 47 4.2 General results ..................................................................................... 48 5. Regression analysis: does private international law matter? ............................. 54 6. Conclusion ................................................................................................. 62 7. Annex: Forms of companies from EU Member States in Orbis ........................... 63 III. Empirical Survey ............................................................................................ 65 1. Introduction ............................................................................................... 65 2. Survey design: scope, procedure and respondents .......................................... 65 2.1 Form and scope of survey ...................................................................... 65 2.2 Survey procedure .................................................................................. 66 2.3 Survey respondents ............................................................................... 67 2.4 Evaluation based on all respondents and groups of respondents .................. 68 3. Quantitative and qualitative findings ............................................................. 70 3.1 General perceptions about EU company law and conflict of laws .................. 70 3.2 Specific scenarios for mobility of companies in Member States .................... 73 3.3 Further questions about situation in Member States .................................. 86 3.4 Other comments provided ...................................................................... 90 4. Conclusion ................................................................................................. 90 5. Annex to Survey ........................................................................................
Load more

Recommended publications
  • Arbeidsmarkedskriminalitet I Norge – Situasjonsbeskrivelse 2014
    Situasjonsbeskrivelse 2014 ARBEIDSMARKEDSKRIMINALITET I NORGE Rapporten er utarbeidet av Arbeidstilsynet, Kriminalomsorgen, Kripos, Mattilsynet, NAV, Politiets utlendingsenhet, Skatteetaten, Tollvesenet, Utlendingsdirektoratet og Økokrim Grafisk utforming og trykk ved Hustrykkeriet Kripos, 2014 FORORD Arbeidsmarkedskriminalitet har vokst frem som en utfordring det av flere årsaker er viktig for det norske samfunnet å forebygge og bekjempe. Den undergraver blant annet sentrale velferds- ordninger og bidrar til å utkonkurrere lovlydige virksomheter. Konsekvensene på lang sikt kan i verste fall være at vi i Norge vil mangle lovlydige virksomheter til å utføre større og mindre opp- drag for private og det offentlige. Dette kan skape en situasjon der hele bransjer, eksempelvis innen bygg- og anleggsbransjen, kontrolleres av kriminelle aktører. I brev fra Politidirektoratet til Kripos den 27. mars 2014 fikk Kripos i oppdrag å lede utarbeidelsen av en situasjonsbeskrivelse av arbeidsmarkedskriminalitet i Norge. Formålet med arbeidet var følgende: 1. definere arbeidsmarkedskriminalitet 2. beskrive utviklingen i samfunnet som påvirker arbeidsmarkedskriminalitet 3. beskrive dagens utfordringer og gi en vurdering av fremtidig utvikling innenfor arbeidsmarkedskriminalitet 4. synliggjøre kunnskapshull innenfor arbeidsmarkedskriminalitet Arbeidsgruppen som har utarbeidet denne rapporten, ble nedsatt etter et møte i Samordnings- organet der flere av kontrolletatene deltok. Arbeidet har vært preget av at kriminalitetsbildet er svært sammensatt og oppfattes
    [Show full text]
  • Doing Business in Norway
    Doing Business in Norway 2020 Edition 1 Norway • Hammerfest • Tromsø 5.4 million Population • 119th most populous country on earth Constitutional monarchy Form of government • Constitution day: 17 May • Head of State: King Harald V • Prime Minister: Erna Solberg, conservative • Member of the EEA from 1 January 1994 • Member of the EU: No Oslo Capital of Norway • 5 regions • Highest mountain: Galdhøpiggen 2,469 m. • Largest lake: Mjøsa 365 sq.m. • The distance from Oslo to Hammerfest is as far as from Oslo to Athens Gross domestic product ca. NOK 3300 billion Economy • Trondheim • Currency: Krone (NOK) • GDP per capita: ca. NOK 615,000 • The largest source of income is the extraction and export of subsea oil and natural gas • Bergen Norway • Oslo • Stavanger ISBN2 978-82-93788-00-3 3 Contents 8 I Why invest in Norway 11 II Civil Law 23 III Business Entities 35 IV Acquisition Finance 43 V Real Estate 59 VI Energy 69 VII Employment 83 VIII Tax 103 IX Intellectual Property 113 X Public Procurement 121 XI Dispute Resolution 4 5 Norway is known for nature attractions like fjords, mountains, northern lights and the midnight sun. Because of the Gulf Stream, Norway has a friendlier climate than the latitude indicates, leaving it with ice-free ports all year round. The Gulf Stream is a warm ocean current leading water from the Caribbean north easterly across the Atlantic Ocean, and then follows the Norwegian coast northwards. 6 7 I. Why invest in Norway In spite of being a small nation, Norway is a highly developed and modern country with a very strong, open and buoyant economy.
    [Show full text]
  • Combating Economic Crimes Balancing Competing Rights and Interests in Prosecuting the Crime of Illicit Enrichment
    ROUTLEDGE RESEARCH IN TRANSNATIONAL CRIME AND CRIMINAL LAW Download from:aghalibrary.com Combating Economic Crimes Balancing Competing Rights and Interests in Prosecuting the Crime of Illicit Enrichment Ndiva Kofele-Kale Download from:aghalibrary.com Combating Economic Crimes In the last decade a new tool has been developed in the global war against offi - cial corruption through the introduction of the offense of “illicit enrichment” in almost every multilateral anti-corruption convention. Illicit enrichment is defi ned in these conventions to include a reverse burden clause, which triggers an automatic presumption that any public offi cial found in “possession of inexplicable wealth” must have acquired it illicitly. However, the reversal of the burden of proof clauses raises an important human rights issue because it confl icts with the accused individual’s right to be presumed innocent. Unfor- tunately, the recent spate of international legislation against offi cial corruption provides no clear guidelines on how to proceed in balancing the right of the accused to be presumed innocent against the competing right of society to trace and recapture illicitly acquired national wealth. Combating Economic Crimes therefore sets out to address what has been left unanswered by these multilateral conventions, to wit, the level of burden of proof that should be placed on a public offi cial who is accused of illicitly enriching himself from the resources of the state, balanced against the protec- tion of legitimate community interests and expectations for a corruption-free society. The book explores the doctrinal foundations of the right to a presump- tion of innocence and reviews the basic due process protections afforded to all accused persons in criminal trials by treaty, customary international law and municipal law.
    [Show full text]
  • FIGHTING CORRUPTION Incriminations
    FIGHTING CORRUPTION Incriminations by Mr Roderick MACAULEY Criminal law adviser at the Ministry of Justice of the United Kingdom Thematic Review of GRECO’s Third Evaluation Round For further information, GRECO Secretariat Directorate General I - Human Rights and Rule of Law Council of Europe F-67075 Strasbourg Cedex Tel.: + 33 (0)3 88 41 30 43 Fax: + 33 (0)3 88 41 39 55 www.coe.int/greco www.coe.int PREMS 67012 FIGHTING CORRUPTION Incriminations by Mr Roderick MACAULEY Criminal Law adviser at the Ministry of Justice of the United Kingdom Thematic review of GRECO’s Third Evaluation Round Contents Introduction ........................................................ 5 General themes and observations ...................... 9 Specific Themes ................................................ 20 Public/private distinctions ..................................... 20 Public Official ...................................................... 20 Exercise of functions ............................................ 23 Autonomous offences ........................................... 26 Elemental Deficiencies and Consistency .................. 28 Undue advantage ................................................ 31 Private Sector ..................................................... 35 Trading in influence .............................................. 39 Bribery of foreign and international actors ............... 43 ETS No. 191 (Jurors and Arbitrators) ...................... 45 Extra-territorial jurisdiction ................................... 47 Sanctions ..........................................................
    [Show full text]
  • Study on Digitalisation of Company Law
    STUDY ON DIGITALISATION OF COMPANY LAW By everis for the European Commission – DG Justice and Consumers Final Report (draft) Justice and Consumers 1 The information and views set out in this presentation are those of the author(s) and do not necessarily reflect the official opinion of the Commission. The Commission does not guarantee the accuracy of the data included in this presentation. Neither the Commission nor any person acting on the Commission’s behalf may be held responsible for the use which may be made of the information contained therein. © European Union, 2017 Prepared By everis Brussels and Company Law experts: Dr. Antigoni Alexandropoulou Enrica Senini Geert Somers 2 MEMBER STATES REPORT MEMBER STATES REPORT 3 1 GLOSSARY 5 1.1 BELGIUM 8 1.2 CYPRUS 22 1.3 CZECH REPUBLIC 41 1.4 DENMARK 59 1.5 ESTONIA 72 1.6 FINLAND 93 1.7 FRANCE 118 1.8 GERMANY 132 1.9 GREECE 158 1.10 HUNGARY 176 1.11 POLAND 192 1.12 PORTUGAL 206 1.13 SPAIN 225 1.14 UNITED KINGDOM 248 3 4 DOCUMENT META DATA Property Value Release date 13.12.2017 Status: Final Version 3.2 Authors: everis Reviewed by: DG – JUST Approved by: 5 1 GLOSSARY Business registers – central, commercial and companies' registers established in all EU Member States in accordance with Directive 2009/101/EC. Company Law – legislation that regulates the creation, registration or incorporation, operation, governance, and dissolution of companies. Digitalisation of Company Law – changes in the Company law related procedures to move from paper-based processes where a physical presence before an authority is required, to end-to-end direct online ones; Registration – procedures for the registration of companies with the national authority in charge (usually the business register).
    [Show full text]
  • Development Ofmonitoring Instruments Forjudicial and Law
    Background Research on Systems and Context on Systems Research Background Development of Monitoring Instruments for Judicial and Law Enforcement institutions in the Western Balkans Background Research on Systems and Context Justice and Home Affairs Statistics in the Western Balkans 2009 - 2011 CARDS Regional Action Programme With funding by the European Commission April 2010 Disclaimers This Report has not been formally edited. The contents of this publication do not necessarily reflect the views or policies of UNODC or contributory organizations and neither do they imply any endorsement. The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of UNODC concerning the legal status of any country, territory or city or its authorities, or concerning the delimitation of its frontiers or boundaries. Comments on this report are welcome and can be sent to: Statistics and Survey Section United Nations Office on Drugs and Crime PO Box 500 1400 Vienna Austria Tel: (+43) 1 26060 5475 Fax: (+43) 1 26060 7 5475 E-mail: [email protected] Website: www.unodc.org 1 Development of Monitoring Instruments for Judicial and Law Enforcement Institutions in the Western Balkans 2009-2011 Background Research on Systems and Context 2 Development of Monitoring Instruments for Judicial and Law Enforcement Institutions in the Western Balkans 2009-2011 Background Research on Systems and Context Justice and Home Affairs Statistics in the Western Balkans April 2010 3 Acknowledgements Funding for this report was provided by the European Commission under the CARDS 2006 Regional Action Programme. This report was produced under the responsibility of Statistics and Surveys Section (SASS) and Regional Programme Office for South Eastern Europe (RPOSEE) of the United Nations Office on Drugs and Crime (UNODC) based on research conducted by the European Institute for Crime Prevention and Control affiliated with the United Nations (HEUNI) and the International Centre for Migration Policy Development (ICMPD).
    [Show full text]
  • Organisering Av Norske Havner Fra Kommunal Etat Til Selskap
    rapport av adv. Vibeke Resch-Knudsen Organisering av norske havner Fra kommunal etat til selskap 4. april 2013 Innhold 1. ORGANISASJONSMULIGHETER FOR KOMMUNALE HAVNER 4 1.1. Utpekte havner 4 1.2. Stamnetthavner 5 2. KoMMUNERS MYNDIGHETSUTØVELSE ETTER HFL 8 3. ORGANISERING 9 3.1. Kommunal etat 11 3.2. Kommunale foretak (KF) 12 3.3. Interkommunale samarbeidsløsninger 12 3.3.1. Interkommunale samarbeid etter kml. § 27 13 3.3.2. Vertskommunesamarbeid med nemnd 14 3.4. Havnen organisert i et selskap 14 3.4.1. Interkommunale selskaper etter kml. § 27 15 3.4.2. Interkommunale selskaper (IKS) 16 3.4.3. Aksjeselskaper 17 3.4.4. Samvirkeforetak 19 3.4.5. Allmennaksjeselskap 19 3.5. Vurdering av de ulike organisasjonsformene (tabell) 20 4. STYRING AV HAVNESELSKAP 24 4.1. Operative eierorgan i selskaper 24 4.2. Styrets sammensetning og rolle 24 4.3. Selskapets formål 25 4.4. Konsernhavnen 26 5. SKATTEPLIKT 27 6. UTBYTTE AV HAVNESELSKAP 29 7. GARANTIER OG OFFENTLIG STØTTE 31 8. MVA 33 9. OFFENTLEGLOVA OG FORVALTNINGSLOVEN 33 10. ETABLERING AV SELSKAP/OMDANNING 35 10.1. Regnskapsmessige forhold 35 10.2. Skatte og avgiftsmessige forhold ved omdanning 35 10.3. Dokumentavgift 36 10.4. Ansattes rettigheter og plikter 36 11. OPPSUMMERING 37 Fotnoter finner du i margene under denne lilla streken. 1. ORGANISASJONSMULIGHETER betegnelse for lokale havner, fiskeri- FOR KOMMUNALE HAVNER havner, fritidsbåthavner eller lignende. I dag består havnestrukturen i Norge av Begrepet havn er definert i havne- og 5 utpekte havner og 31 stamnetthavner. farvannsloven (HFL) § 4: 1.1. Utpekte havner «Med havn menes i denne loven områder som er Transportpolitikken legger opp til at til bruk for fartøy; transport bør flyttes over fra vei til sjø så langt det lar seg gjøre, gjennom å • som skal laste eller losse gods eller trans- portere passasjerer som ledd i sjøtransport legge opp til at sjøtransport skal være en eller annen næringsvirksomhet, foretrukket transportform for transport av gods over lange avstander.
    [Show full text]
  • E-Commerce – New Opportunities, New Barriers
    Kommerskollegium 2012:4 E-commerce – New Opportunities, New Barriers A survey of e-commerce barriers in countries outside the EU APP The National Board of Trade is the Swedish governmental tioning economy and for economic development. Our publica- agency responsible for issues relating to foreign trade and tions are the sole responsibility of the National Board of Trade. trade policy. Our mission is to promote an open and free trade with transparent rules. The basis for this task, given us by the The National Board of Trade also provides service to compa- Government, is that a smoothly functioning international trade nies, for instance through our Solvit Centre which assists com- and a further liberalized trade policy are in the interest of panies as well as people encountering trade barriers on the Sweden. To this end we strive for an efficient internal market, a internal market. The Board also administers The Swedish Trade liberalized common trade policy in the EU and an open and Procedures Council, SWEPRO. strong multilateral trading system, especially within the World Trade Organization (WTO). In addition, as an expert authority in trade policy issues, the National Board of Trade provides assistance to developing As the expert authority in trade and trade policy, the Board pro- countries, through trade-related development cooperation. We vides the Government with analyses and background material, also host Open Trade Gate Sweden, a one-stop information related to ongoing international trade negotiation as well as centre assisting exporters from developing countries with infor- more structural or long-term analyses of trade related issues.
    [Show full text]
  • Eierskapsmelding 2014
    EIERSKAP SM ELDING Haugfoss kraftstasjon ved Blaafarveværket. Eier er Modum Kraftprod 2014 Inntaksdammen i Ramfoss, Ramfoss Kraftlag Eierskapsmelding, vedtatt i Kommunestyret 20.6.11, sak 51/11. Oppdatert august 2012 (K-sak 70/12), 1 oppdatert august 2013 (K-sak 66/13), sist oppdatert august 2014. Innhold Del I Eierstyring ........................................................................................................................ 4 1.1 Innledning ......................................................................................................................... 4 1.1.1 Bakgrunn for eierskapsmeldingen ................................................................................. 4 1.1.2 Oppbygning av eierskapsmeldingen .............................................................................. 4 1.2 Å eie er å ville, motiver for selskapsdannelse................................................................... 4 1.2.1 Finansielt motivert ......................................................................................................... 5 1.2.2 Politisk motivert ............................................................................................................. 5 1.2.3 Effektivisering................................................................................................................ 5 1.2.4 Samfunnsøkonomisk motivert ....................................................................................... 5 1.2.5 Regionalpolitisk motivert..............................................................................................
    [Show full text]
  • High Court Judgment Template
    Neutral Citation Number: [2017] EWHC 2791 (Ch) Case No: CR-2017-005571 IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION COMPANIES COURT Royal Courts of Justice Rolls Building, Fetter Lane, London, EC4A 1NL Date: 09/11/2017 Before : HHJ PAUL MATTHEWS (sitting as a Judge of the High Court) - - - - - - - - - - - - - - - - - - - - - Between : IN THE MATTER OF AGROKOR DD AND IN THE MATTER OF THE CROSS-BORDER INSOLVENCY REGULATIONS 2006 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Tom Smith QC and William Willson (instructed by Kirkland & Ellis International LLP) for the Applicant David Allison QC and Adam Al-Attar (instructed by Linklaters LLP) for the Respondent Hearing dates: 23-26 October 2017 - - - - - - - - - - - - - - - - - - - - - Approved Judgment I direct that pursuant to CPR PD 39A para 6.1 no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. ............................. HHJ PAUL MATTHEWS (SITTING AS A JUDGE OF THE HIGH COURT) HHJ PAUL MATTHEWS Re Agrokor DD and the Cross-Border Approved Judgment Insolvency Regulations 2006 HHJ Paul Matthews : Introductory 1. This is my judgment on an application dated 27 (but issued by the court on 28) July 2017, by Ante Ramljak. He is the “foreign representative” within article 2(j) of Schedule 1 to the Cross-Border Insolvency Regulations 2006 (“CBIR”) of Agrokor DD (“the company”), a company incorporated under the laws of Croatia. The application is for recognition in Great Britain (ie England, Wales and Scotland) under the CBIR of what are called “extraordinary administration proceedings” in Croatia as a “foreign proceeding” within article 2(i) of Schedule 1 to the CBIR.
    [Show full text]
  • Directors' Duties and Liabilities in Financial Distress During Covid-19
    Directors’ duties and liabilities in financial distress during Covid-19 July 2020 allenovery.com Directors’ duties and liabilities in financial distress during Covid-19 A global perspective Uncertain times give rise to many questions Many directors are uncertain about their responsibilities and the liability risks The Covid-19 pandemic and the ensuing economic in these circumstances. They are facing questions such as: crisis has a significant impact, both financial and – If the company has limited financial means, is it allowed to pay critical suppliers and otherwise, on companies around the world. leave other creditors as yet unpaid? Are there personal liability risks for ‘creditor stretching’? – Can you enter into new contracts if it is increasingly uncertain that the company Boards are struggling to ensure survival in the will be able to meet its obligations? short term and preserve cash, whilst planning – Can directors be held liable as ‘shadow directors’ by influencing the policy of subsidiaries for the future, in a world full of uncertainties. in other jurisdictions? – What is the ‘tipping point’ where the board must let creditor interest take precedence over creating and preserving shareholder value? – What happens to intragroup receivables subordinated in the face of financial difficulties? – At what stage must the board consult its shareholders in case of financial distress and does it have a duty to file for insolvency protection? – Do special laws apply in the face of Covid-19 that suspend, mitigate or, to the contrary, aggravate directors’ duties and liability risks? 2 Directors’ duties and liabilities in financial distress during Covid-19 | July 2020 allenovery.com There are more jurisdictions involved than you think Guidance to navigating these risks Most directors are generally aware of their duties under the governing laws of the country We have put together an overview of the main issues facing directors in financially uncertain from which the company is run.
    [Show full text]
  • Overview of Anti-Discrimination Legislation in the Western Balkans
    Warsaw, 28 March 2014 Opinion-Nr..: NDISCR -BPRI/229/2013 [MWrz/AT] www.legislationline.org OVERVIEW OF ANTI-DISCRIMINATION LEGISLATION IN THE WESTERN BALKANS Ul. Miodowa 10 PL-00-251 Warsaw OSCE/ODIHR Overview of Anti-Discrimination Legislation in the Western Balkans TABLE OF CONTENTS I. LIST OF ABBREVIATIONS II. INTRODUCTION III. ANALYSIS AND RECOMMENDATIONS 1. International Definitions and Standards Related to Anti-Discrimination Legislation 2. Protected Characteristics 2.1. Discrimination Based on Assumed Characteristics or Based on Association 3. Personal Scope 4. Material Scope 5. Key Definitions and Concepts 5.1. Direct Discrimination 5.2. Indirect Discrimination 5.3. Harassment 5.4. Instruction to Discriminate 5.5. Victimization 5.6. Reasonable Accommodation 5.7. Segregation 6. Exceptions from the Prohibition of Discrimination 6.1. Genuine and Determining Occupational Requirement 6.2. Religious Ethos 6.3. Other Exceptions 7. Equality Bodies 8. Remedies and Sanctions 8.1. Judicial Procedures 8.2. Third-Party Intervention 8.3. Burden of Proof Annex 1: Table of Anti-Discrimination Laws (Western Balkans) (Annex 1 constitutes a separate document) 2 OSCE/ODIHR Overview of Anti-Discrimination Legislation in the Western Balkans LIST OF ABBREVIATIONS BiH – Bosnia and Herzegovina BPRI - Best Practices for Roma Integration CERD - UN Convention on the Elimination of All Forms of Racial Discrimination CRPD - UN Convention on the Rights of Persons with Disabilities ECHR - European Convention on Human Rights ECtHR - European Court of Human Rights
    [Show full text]