Stakeholder Protection in Restructuring

Erika Kovács; Martin Winner

doi:10.5771/9783845292168

Summary

Restructuring of companies, particularly merger and division both domestically or in a cross-border situation, has far-reaching consequences for all stakeholders. The contributions focus on the question of how to protect the interests of shareholders, creditors and employees at a European and national level appropriately. The articles discuss how to promote freedom of establishment in the growing competition between legal systems without encouraging a race to the bottom in the company and labour law framework. The cross-border conversion of companies is particularly delicate in this regard. From the workers’ point of view, it is decisive whether a restructuring constitute a transfer of undertaking and which labour law consequences a transfer has. Another particularly interesting aspect is the fate of the board-level employee representation in case of corporate restructuring. The papers shed light on European developments and some selected national manifestations of these issues. The authors are distinguished Austrian, German, Italian, Spanish, Polish, Serbian and Macedonian professors who specialise in company and labour law.

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Bibliographic data

Copyright year: 2019
ISBN-Print: 978-3-8487-5044-3
ISBN-Online: 978-3-8452-9216-8
Publisher: Nomos, Baden-Baden
Language: English
Pages: 286
Product type: Edited Book

Titelei/Inhaltsverzeichnis No access Pages 1 - 4
Foreword No access Pages 5 - 8
Authors No access Pages 9 - 12
Mónica Fuentes Naharro
1. Mónica Fuentes Naharro
  1. I. Lack of Legal European Harmonization and Difficulties of Converting Cross-Border No access Mónica Fuentes Naharro
  2. II. The Company Law Package No access Mónica Fuentes Naharro
2. Mónica Fuentes Naharro
  1. I. Scope of the Proposal No access Mónica Fuentes Naharro
  2. Mónica Fuentes Naharro
    1. 1. The Controversial No access Mónica Fuentes Naharro
    2. Mónica Fuentes Naharro
      1. a. The Polbud Judgment No access Mónica Fuentes Naharro
      2. b. The ECJ’s Tax Doctrine Behind the “Artificial Arrangement” Anti-Abuse Clause No access Mónica Fuentes Naharro
  3. Mónica Fuentes Naharro
    1. Mónica Fuentes Naharro
      1. a. Preliminary Phase: Conversion Draft and Reports No access Mónica Fuentes Naharro
      2. b. The Resolution on Conversion and Protection Remedies No access Mónica Fuentes Naharro
      3. c. The Two-Pronged Scrutiny No access Mónica Fuentes Naharro
    2. 2. The Control of the “Artificial Arrangements” No access Mónica Fuentes Naharro
  4. Mónica Fuentes Naharro
    1. 1. General Overview No access Mónica Fuentes Naharro
    2. Mónica Fuentes Naharro
      1. a. General Considerations: Grounds and Techniques to Protect Minority Shareholders No access Mónica Fuentes Naharro
      2. b. Protection Techniques for Cross-Border Mobility in European Secondary Law and National Laws No access Mónica Fuentes Naharro
      3. Mónica Fuentes Naharro
        c.1. Subjective Scope No access Mónica Fuentes Naharro
        c.2. Enforcement of the Exit Right No access Mónica Fuentes Naharro
    3. Mónica Fuentes Naharro
      1. a. General Considerations: Grounds and Techniques for the Protection of Creditors No access Mónica Fuentes Naharro
      2. b. Protection Techniques for Cross-Border Mobility in European Secondary Law and National Laws No access Mónica Fuentes Naharro
      3. c. Protection Techniques under the Proposal No access Mónica Fuentes Naharro
3. Mónica Fuentes Naharro
  1. Documents and Studies No access Mónica Fuentes Naharro
Martin Winner
1. A. Introduction No access Martin Winner
2. Martin Winner
  1. I. Introduction No access Martin Winner
  2. II. Risks for Creditors No access Martin Winner
  3. III. European Solution No access Martin Winner
  4. Martin Winner
    1. 1. Institutional Creditor Protection No access Martin Winner
    2. 2. Individual Creditor Protection No access Martin Winner
  5. V. Remarks de lege ferenda No access Martin Winner
3. Martin Winner
  1. I. Introduction No access Martin Winner
  2. II. Risks for Creditors No access Martin Winner
  3. III. European Solution No access Martin Winner
  4. IV. National Measures No access Martin Winner
  5. V. Ongoing Reform of Creditor Protection in Cross-border Mergers No access Martin Winner
4. D. Concluding Remarks No access Martin Winner
5. Bibliography No access Martin Winner
Mirjana Radović
1. A. Introduction No access Mirjana Radović
2. B. Regulation of Creditor Protection in the Serbian Partnerships and Companies Act No access Mirjana Radović
3. Mirjana Radović
  1. I. Duty to Inform the Creditors No access Mirjana Radović
  2. II. Liability of the Companies No access Mirjana Radović
  3. III. Right to Obtain Adequate Safeguards No access Mirjana Radović
  4. IV. Judicial Protection No access Mirjana Radović
4. D. Conclusion No access Mirjana Radović
5. Bibliography No access Mirjana Radović
Vuk Radović
1. A. General Overview on Structural Modifications in Serbian Law No access Vuk Radović
2. Vuk Radović
  1. Vuk Radović
    1. 1. Draft Merger Contract and Division Plan No access Vuk Radović
    2. 2. Board Report on Merger or Division No access Vuk Radović
    3. 3. Expert’s Report on Merger or Division No access Vuk Radović
    4. 4. Financial Statements No access Vuk Radović
  2. II. Shareholders’ Right to Inspect Documents No access Vuk Radović
  3. Vuk Radović
    1. 1. General Rules No access Vuk Radović
    2. 2. Simplified Merger (Division) Procedure as a Derogation from the Requirement of Approval by the Shareholders No access Vuk Radović
  4. Vuk Radović
    1. 1. Control by a Notary Public No access Vuk Radović
    2. 2. Control Conducted by Registrar No access Vuk Radović
3. Vuk Radović
  1. I. The Right of Dissenting Shareholders to Exit the Company (Appraisal Right) No access Vuk Radović
  2. II. The Right to Additional Payment No access Vuk Radović
  3. III. The Right to Challenge the Decision of the General Meeting No access Vuk Radović
  4. IV. Liability for Damages No access Vuk Radović
4. Bibliography No access Vuk Radović
Achim Seifert
1. A. Corporate Restructuring as Challenge for Employee Participation in the Boards No access Achim Seifert
2. Achim Seifert
  1. I. National Mergers No access Achim Seifert
  2. Achim Seifert
    1. 1. Duty to Negotiate an Agreement on Employee Involvement No access Achim Seifert
    2. Achim Seifert
      1. a) Negotiation of an Agreement on Employee Participation No access Achim Seifert
      2. b) Application of the Standard Rules No access Achim Seifert
    3. 3. Reform No access Achim Seifert
3. Achim Seifert
  1. I. National Divisions of Limited Liability Companies No access Achim Seifert
  2. Achim Seifert
    1. 1. The Negotiation Model No access Achim Seifert
    2. 2. Abusive Cross-Border Divisions No access Achim Seifert
4. D. Cross-Border Conversions No access Achim Seifert
5. Achim Seifert
  1. I. Circumvention of National Employee Participation Schemes No access Achim Seifert
  2. Achim Seifert
    1. 1. Harmonization of the National Laws of the Member States No access Achim Seifert
    2. 2. Extension of National Board-Level Representation Schemes to Foreign Corporations No access Achim Seifert
6. F. Concluding Remarks No access Achim Seifert
7. Achim Seifert
  1. European Regulations No access Achim Seifert
Erika Kovács
1. A. Introduction No access Erika Kovács
2. B. The Concept of the Board-Level Employee Representation No access Erika Kovács
3. Erika Kovács
  1. I. First Case: 500 Employees and Existing Employee Participation System No access Erika Kovács
  2. II. Second Case: Reduction of the Level of Employee Participation No access Erika Kovács
  3. III. Third Case: Restriction of Participation Rights to Domestic Employees No access Erika Kovács
4. Erika Kovács
  1. I. The Background Regulation of SE No access Erika Kovács
  2. II. Lack of Employee Representation No access Erika Kovács
5. E. Proposal by the European Commission to Amend the Rules No access Erika Kovács
6. Erika Kovács
  1. I. Introduction No access Erika Kovács
  2. II. Cross-Border Merger Before Reaching the Threshold No access Erika Kovács
  3. III. Use of Temporary Workers No access Erika Kovács
  4. IV. Relocation of the Corporate Growth Abroad No access Erika Kovács
  5. Erika Kovács
    1. 1. Applicable Company Law in the Light of the Case Law of the CJEU No access Erika Kovács
    2. 2. Law Applicable to Employee Participation System No access Erika Kovács
7. G. Conclusion No access Erika Kovács
8. Erika Kovács
  1. Regulations No access Erika Kovács
Edoardo Ales
1. A. Introduction – The substantive normative core of the directive No access Edoardo Ales
2. B. The balance between a static safeguard of working conditions and dynamic freedom of the employer No access Edoardo Ales
3. Edoardo Ales
  1. I. Limits to the dynamic referral No access Edoardo Ales
  2. II. The automatic substitution of the transferor’s collective agreement No access Edoardo Ales
  3. III. The continuing effect of the rescinded collective agreement No access Edoardo Ales
4. Edoardo Ales
  1. Regulations and case law No access Edoardo Ales
Diana Niksova
1. A. Introduction No access Diana Niksova
2. B. Application of Directive 2001/23/EC in Cross-Border Scenarios No access Diana Niksova
3. Diana Niksova
  1. I. Change of Ownership No access Diana Niksova
  2. II. Identity of the Economic Entity in Cross-Border Scenarios No access Diana Niksova
4. Diana Niksova
  1. I. Scope of Directive 2001/23/EC No access Diana Niksova
  2. Diana Niksova
    1. 1. Introduction No access Diana Niksova
    2. 2. Article 9 of the Rome I Regulation No. 593/2008: Transfer of Undertakings Rules as “Overriding Mandatory Provisions”? No access Diana Niksova
    3. 3. Article 8(2) of the Rome I Regulation No. 593/2008: Relocation Transfers and Change of the Applicable Law No access Diana Niksova
    4. 4. Article 8(4) of the Rome I Regulation No. 593/2008: Escape Clause No access Diana Niksova
    5. 5. Objective of Directive 2001/23/EC and Preservation of Statutory Rights? No access Diana Niksova
  3. III. De Lege Ferenda No access Diana Niksova
5. Diana Niksova
  1. I. Automatic Transfer of the Employment Contract and Change of the Place of Work No access Diana Niksova
  2. II. Relocation Transfers and Dismissal of the Transferred Employees No access Diana Niksova
  3. III. Right of Objection No access Diana Niksova
  4. IV. Termination due to a Substantial Change of Working Conditions No access Diana Niksova
  5. V. Solution: Choice of Law? No access Diana Niksova
6. F. Summary No access Diana Niksova
7. Bibliography No access Diana Niksova
Ljubinka Kovačević
1. A. Introduction No access Ljubinka Kovačević
2. Ljubinka Kovačević
  1. I. No Requirement of the Preservation of the Economic Identity No access Ljubinka Kovačević
  2. Ljubinka Kovačević
    1. 1. Status Changes of Employer No access Ljubinka Kovačević
    2. 2. Change of Ownership of a Capital of a Legal Entity No access Ljubinka Kovačević
3. C. The Principle of the Preservation of Employment No access Ljubinka Kovačević
4. D. Preservation of Working Conditions of the Collective Agreement No access Ljubinka Kovačević
5. E. The Liability for Claims of Employees Due Before the Change of Employer No access Ljubinka Kovačević
6. Ljubinka Kovačević
  1. I. The Relationship between Dismissal and Change of Employer No access Ljubinka Kovačević
  2. II. Protection Against Dismissal by the Transferor No access Ljubinka Kovačević
  3. III. Protection Against Dismissal by the Transferee No access Ljubinka Kovačević
7. G. Collective Rights of Employees in the Event of a Transfer of Undertaking No access Ljubinka Kovačević
8. H. Conclusion No access Ljubinka Kovačević
9. Ljubinka Kovačević
  1. Regulations and case law No access Ljubinka Kovačević
10. List of abbreviations No access Ljubinka Kovačević
Todor Kalamatiev, Aleksandar Ristovski
1. A. Introduction No access Todor Kalamatiev, Aleksandar Ristovski
2. Todor Kalamatiev, Aleksandar Ristovski
  1. Todor Kalamatiev, Aleksandar Ristovski
    1. 1. Status Changes of Companies (Changes in the Organisation and Management of the Business of the Employer) No access Todor Kalamatiev, Aleksandar Ristovski
    2. 2. Legal Acts (Changes in the Undertaking’s Ownership) No access Todor Kalamatiev, Aleksandar Ristovski
  2. II. Determination of the Subject of Transfer and Maintenance of its Identity No access Todor Kalamatiev, Aleksandar Ristovski
3. Todor Kalamatiev, Aleksandar Ristovski
  1. I. Consent of the Employee for the Transfer of the Employment Contract No access Todor Kalamatiev, Aleksandar Ristovski
  2. II. Prohibition of Dismissals No access Todor Kalamatiev, Aleksandar Ristovski
4. D. Conclusion No access Todor Kalamatiev, Aleksandar Ristovski
5. Todor Kalamatiev, Aleksandar Ristovski
  1. Legislation No access Todor Kalamatiev, Aleksandar Ristovski