prof. dr. christoph teichmann julius-maximilians-universität würzburg cross-border mobility in...
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Prof. Dr. Christoph Teichmann
Julius-Maximilians-Universität Würzburg
Cross-Border Mobility in European Company Law
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Ltd.
(1) Choice of applicable company law: foundation of a company abroad
(2) Freedom of establishment: establishing headquarter in home country
Making use of national company law
(3) Result: Application of English company law for activity in Germany
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GmbH
AG
Making use of national company law
Application of German company law for activity abroad, if- Home country agrees to continuing application of its company law and- Host state accepts application of foreign company law.
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Ltd.
(1) Based on 10th European company law directive
(2) Assets of the transfering company will be taken over by the absorbing company
Cross-border merger
(3) Result: Change into a national company of another jurisdiction.
GmbH
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The European Company
SE-Regulation (directly applicable in every member state) Formation of the SE: merger, holding SE, subsidiary
SE, conversion of public company Choice between one-tier and two-tier system Procedure for the transfer of the registered office Many References to national law
SE-Directive: supplementing the Regulation Information, consultation and participation of
employees shall be defined by an agreement. Negotiations take place between organs of the
participating companies and special negotiating body
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The reality of the common market
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1993 – Unilever spin-off (management by-out)
Headquarter in Southern Germany
Surface treatment technology:metal cleaning, electroplating
2009 – 80 employees (in Germany)
42 % of turnover outside Germany
23 subsidiaries in other countries
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Netherlands
Czech Republic
Italy
France
Poland
United Kingdom
Greece
AustriaPortugal
Romania
Denmark
Slovenia
Slovakia
Spain
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European Regulation
+
Articles of Association
Only few references to national law.
as complete as possible
Contractual freedom for the internal affairs
The European Private Company
The European Private Company (or: Societas Privata Europaea – SPE)
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SPE
SPE
SPE
SPE
SPE
SPE
SPE
SPESPE
SPE
SPE
SPE
SPE
SPE
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The European Private Company
Proposal by European Commission (2008)
Compromise proposal by Swedish presidency (Dec. 2009)
Remaining issues:
1. Minimum capital (8,000 €) ?
2. Negotiations with employees (if more than 500)?
3. Separation of registered office and headquarter in different member states?
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Conclusion
SPE