Eurojuris practice group days Düsseldorf corporate 8 May 2009 Judith Anema Marree & Dijxhoorn...
Transcript of Eurojuris practice group days Düsseldorf corporate 8 May 2009 Judith Anema Marree & Dijxhoorn...
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Eurojuris practice group days Düsseldorfcorporate
8 May 2009
Judith AnemaMarree & Dijxhoorn Advocaten
The Netherlands
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Societas Privata Europaea (SPE)
Commission proposal for a Regulation on a Statute for a European Private Company
SPE is a company form designed for small- and middle-sized enterprises (SMEs)
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Advantages of the SPE
- It exists in all member states
- It is a flexible yet transparent company form
- It allows to set up companies and/or subsidiaries with the same management structure, regardless of location
- It offers an European label that is easily recognizable;
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Formation
set up ex nihilo, transforming or dividing an existing company, merger of existing companies
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Formation (II)
Registered office and central administration or principal place of business in the territory of member states.
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Formation (III)
- No specific registration procedure;
- registration in a register designated by the applicable national law
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Shares
- Large degree of freedom
- Ordinary or priority shares
- Conditions for transfer of shares in articles of association.
- No squeeze-out right
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Capital
- Minimum capital EUR 1
- No restrictions on type of consideration (in cash or in kind)
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Capital (II)
Distribution only if SPE satisfies a balance-sheet test(after distribution assets must fully cover liabilities). Solvency test may be added
SPE may acquire its own shares
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Organisation
Non exhaustive list of decisions to be taken by shareholders
Certain decisions require qualified majority
No obligation to hold general meetings
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Organisation (II)
Two minority rights:
- to request shareholders’ resolution
- to request appointment of independent expert in the case of suspicion of serious breach of law or breach of the articles
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Organisation (III)
Management body
one or more directors, one-tier or two-tier board; only natural persons
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Organisation (IV)
Directors’ liability for any loss or damage suffered by the SPE
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Employee participation is subject to the employee participation rules of the
member states
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The SPE can transfer its registered office to another member state
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Dissolution, transformation, merger: national law applies