Freedom of Establishment and Cross-Border Mobility for Companies in the EU

Functional and Comparative Analysis of Cross-border Company Transformation, Merger, and Division. A Critical, Updated, and Comprehensive Study of the Evolution of the Freedom of Establishment for Companies following Directive (EU) 2019/2121.

Paula del Val Talens
Junio 2024
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This book is the first to provide a critical, updated, and comprehensive study of the evolution of the freedom of establishment for companies through a systematic analysis of cross-border mobility within the internal market following Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019, amending Directive (EU) 2017/1132 regarding transformations, mergers, and divisions.

 

This volume provides an up-to-date, comprehensive and critical analysis of the evolvement of the freedom of establishment for companies, including a systematic approach to cross-border mobility in the internal market after Directive (EU) 2019/2121 of 27 November 2019 amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions. The book Freedom of Establishment and Cross-Border Mobility of Companies in the EU aims at offering insightful coverage of the harmonized regime on cross-border conversions, mergers, and divisions.

Part I assesses the current state of development of the freedom of establishment and anticipates the path forward in terms of market integration. Chapters 1 to 4 cover the different sides of the freedom of establishment of companies both from a ratione materiae (Chapters 1 and 2) and ratione personae (Chapters 3 and 4) perspective. Against the backdrop of Part I, Part II thoroughly examines Directive (EU) 2019/2121. All three operations –cross-border conversions, mergers, and divisions– are considered. Chapters 5 and 6 are devoted to cross-border conversions. Chapters 7 and 8 separately investigate cross-border mergers and divisions. The book also reviews each of the stakeholder protection mechanisms contained in Directive (EU) 2019/2121, namely, creditors (Chapter 9), shareholders (Chapters 10 and 11), and employees (Chapter 12).

The books is addressed at scholars, advanced students, practitioners, and policymakers both at the EU and at the domestic level. Any interested party in the field of company law, in the evolvement of the freedom of establishment, and that of the internal market as a whole may find it valuable.

 

Functional and Comparative Analysis of Cross-border Transformation, Merger, and Division

Dual perspective, first evaluating the freedom of establishment in its current configuration, and then examining each of the relevant aspects concerning the new regulation of the three cross-border company mobility operations.

Directora: Paula del Val Talens, Profesora Ayudante-Doctor, Universidad de Valencia. Relación de autores:

Sergio Gilotta (Dr.), Associate Professor of Business Law (Ricercatore), Università di Bologna (Italia). Miguel Gimeno Ribes (Dr.), Profesor Contratado-Doctor, Universidad de Valencia.

Luis Hernando Cebriá (Dr.), Profesor Titular, Universidad de Valencia.

Leonhard Hübner (Dr. habil.), Interim Full Professor (Lehrstuhl Vertreter), Universidad de Osnabrück (Alemania).

Jelena Lepetic (Dr.), Associate Professor, Universidad de Belgrado (Serbia). Lina Mikaloniene (Dr.), Associate Professor, Universidad de Vilnius (Lituania).

Ariel Mucha (Dr.), Assistant Professor, Pedagogic University of Krakow (Polonia).

Matthias Pendl (Dr.), Senior Researcher, Max-Planck-Institut für ausländisches und internationales Privatrecht (Alemania).

Eva Recamán Graña (Dr.), Profesora Contratada-Doctora, Universidad Complutense de Madrid. Tamás Szabados (Dr.), Associate Professor, Eötvös Lorand University (Hungría).

PART I

FREEDOM OF ESTABLISHMENT OF COMPANIES IN THE EU

Chapter 1.  THE CROSS-BORDER MOBILITY DIRECTIVE AND CONFLICT OF LAWS – PLEASE MIND THE GAP

I.  Introduction

II . Jurisdictional Rules of the Directive

III.  Conflict-of-Laws and the Cross-Border Mobility Directive

IV.  Future Perspectives

V.  Conclusion

Chapter 2. COMPANY & INSOLVENCY LAW PERSPECTIVES ON A CHOICE OF LAW FOR LIMITED LIABILITY COMPANIES

I. Introduction

II. The European Legal Framework

III. The Scope of The Law of Companies.  Between Solvency and Insolvency

IV. Recapitulation.  Grounds for Developing a Doctrine on The Law Applicable To Creditor Protection

Chapter 3. FIGHTING LETTER-BOX COMPANIES WITH AN ANTI-ABUSE MECHANISM INTRODUCED BY DIRECTIVE 2019/212 AMENDING DIRECTIVE (EU) 2017/1132 AS REGARDS CROSS-BORDER CONVERSIONS, MERGERS AND DIVISIONS

I. Introduction

II. Corporate Law and Regulatory Arbitrage

III. Brief Taxonomy of LBCs (Ab)uses in Cross-Border Restructurings

IV. Non-Company Law Rules Concerning Abusive LBCs

V. New Law on Cross-Border Corporate Restructurings

VI. Conclusions

Chapter 4. MUCH ADO ABOUT PROFIT? – ON THE PERSONAL SCOPE OF FREEDOM OF ESTABLISHMENT

I. Introduction

II. The For-Profit Requirement and Its Conceptual Framework

III.  Afunctional Approach to Profit as an Autonomous Concept of EU Law

IV. Profit within the System of Fundamental Freedoms of the Internal Market

V. Policy Implications for the Freedom of Establishment for Companies and Firms

VI. Conclusions

PART II

CROSS-BORDER CONVERSIONS, MERGERS AND DIVISIONS IN THE EU

Chapter 5. CROSS-BORDER CONVERSIONS UNDER THE LEGAL FRAMEWORK INTRODUCED BY THE DIRECTIVE (EU) 2019/2121: SELECTED ISSUES

I. Introduction

II. Key Characteristics of the Cross-Border Conversion

III. Minimum Substantive Safeguard for Minority Shareholders

IV. Anti-Abuse Mechanism

V. Concluding Remarks

Chapter 6. ON THE EVE OF THE TRANSPOSITION OF THE MOBILITY DIRECTIVE INTO MEMBER STATE LAW – A GLIMPSE BACK AND FORTH FROM A GERMAN AND AUSTRIAN PERSPECTIVE

I. Introduction

II. Cross-Border Conversions and Underlying ECJ Case Law

III. Accepted Principle and Controversial Details

IV. Relevance of Mobility Directive (EU) 2019/2121 before Expiry of the Transposition

V. Concluding Remarks

Chapter 7. THE NEW REGIME FOR CROSS-BORDER MERGERS UNDER DIRECTIVE (EU) 2019/2121

I.  A«Significant Milestone in Improving the Functioning of the Internal Market»

II. Main Deficit of the Old Regime: A Confusing Pattern of Stakeholder Protection Rules

III. The Cornerstones of the New Harmonisation of Stakeholder Protection

IV. Partnerships – Still Left Out, Art.  118 Old as New CLD

V. Conclusion: A Significant, But Still Not Sufficient Improvement

Chapter 8. POSSIBILITIES AND PROCEDURAL ASPECTS OF EU CROSS-BORDER DIVISIONS

I. Introduction: Legal and Judicial Background

II. General Overview: The Scope of the New EU Legal Framework for Cross-Border Divisions

III. Preparation of the EU Cross-Border Division

IV. Approval by the General Meeting

V. Execution of the EU Cross-Border Division

VI. Final Remarks

Chapter 9. CREDITOR PROTECTION IN CROSS-BORDER CONVERSIONS, MERGERS AND DIVISIONS: THE HARMONISED EU REGIME

I. Introduction

II. The Directive Rules on Creditor Protection

III. How Cross-Border Conversions, Mergers and Divisions May Harm Creditors

IV. Are The Protections Set Forth in the Directive Justified?

Chapter 10. MINORITY SHAREHOLDER PROTECTION IN CROSS-BORDER CONVERSIONS, MERGERS AND DIVISIONS

I. Introduction

II. Shareholder Protection Model

III. Protection Mechanisms in a Broader Sense

IV. Protection Mechanisms in a Narrower Sense

V. Conclusion

Chapter 11. THE EXIT RIGHT OF SHAREHOLDERS IN CROSS-BORDER CONVERSIONS, MERGERS, DIVISIONS

I. Introduction

II. Members’ Risks

Chapter 12. EMPLOYEE PARTICIPATION IN EU CROSS-BORDER COMPANY MOBILITY

I. Introduction

II. Policy Options on Codetermination in Cross-Border Operations

III. Scope of Application of EU Codetermination Rules

IV. Codetermination’s Legal Alternative