ABSTRACT

Despite recent decisions of the Court of Justice that liberalise inbound and outbound reincorporations, several Member States still prohibit these transactions or make them impossible or impractical. Even where reincorporations are available in principle, significant legal uncertainties often exist due to a lack of clear and interoperable rules. This situation may, for instance, jeopardise the interests of creditors and minority shareholders of the emigrating companies in circumstances where the involved jurisdictions do not provide for an explicit regulation of cross-border reincorporations aimed at protecting these stakeholders. Furthermore, when procedural rules are unclear or lacking, companies might be struck from the relevant register of the country of origin without being entered in the register of any other Member States. We argue that, as a consequence, harmonisation of the reincorporation process is necessary, and that it is desirable to reach a high minimum standard of creditor and minority shareholder protection.

摘要

尽管法院最近作出决定放宽入境和出境重组的决定，但仍有几个会员国禁止这些交易或使它们不可能或不切实际。即使在原则上可以进行重组的地方，由于缺乏清晰且可互操作的规则，也常常存在重大的法律不确定性。例如，在所涉司法管辖区未明确规定旨在保护这些利益相关者的跨境重组的情况下，这种情况可能会损害移民公司的债权人和少数股东的利益。此外，当程序规则不明确或缺乏时，可能会将公司从原籍国的相关登记册中剔除，而无需输入任何其他成员国的登记册中。我们认为，