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  • European and Comparative Company,

    Financial Markets and Bankruptcy Law

    Prof. Dr. Horst Eidenmller, LL.M. (Cantab.)

    LMU Mnchen and Oxford University

    Summer Term 2013

    Tuesdays 4:00 PM 6:15 PM and Wednesdays 10:00 AM 12:15 AM

  • Course Description

    The global financial and economic crisis has demonstrated the importance of European Com-

    pany, Financial Markets, and Bankruptcy Law, especially for multinational enterprises. This

    course covers the fundamentals of European Company, Financial Markets, and Bankruptcy

    Law in an international and comparative perspective. It will start out with an introduction to

    the law-making process in the EU. With respect to European Company and Financial Markets

    Law, the following topics will be covered: the proper scope of European Company Law

    harmonization versus regulatory competition; mobility and restructuring of companies in Eu-

    rope; harmonization of company law rules; European corporate entities (Societas Europaea,

    European Private Company); special issues relevant to listed companies (e.g., free movement

    of capital, International and European Financial Markets Law). Topics covered with respect to

    European Bankruptcy Law will include: the theoretical debate on transnational bankruptcies

    (universalism versus multiplicity of proceedings); transnational bankruptcies under the Euro-

    pean Insolvency Regulation; regulatory competition in bankruptcy; issues of group insolven-

    cies; out-of-court restructurings (workouts) in Europe.

    The primary focus of the course will be on the existing legal framework. However, policy

    issues will also figure prominently (proportion of law to policy approximately two to one).

    The European legal framework will be compared frequently to other jurisdictions. Within

    Europe, the focus will be on the UK, France, and Germany. Comparisons will also be drawn

    to the legal position and the policy debates in the US.

  • Reading List

    Introduction

    Unit 1: Introduction to the European Legal Framework

    Treaty on European Union [TEU], December 13, 2007, 2010 O.J. (C 83) 13

    Treaty on the Functioning of the European Union [TFEU], December 13, 2007, 2010 O.J.

    (C 83) 47

    Commission of the European Communities, Modernising Company Law and Enhancing

    Corporate Governance in the European Union A Plan to Move Forward, COM (2003) 284 final (May 21, 2003)

    European Commission, Report of the Reflection Group On the Future of EU Company

    Law, April 5, 2011

    European Commission, Green Paper: The EU corporate governance framework, COM

    (2011) 164 final (April 5, 2011)

    European Commission, Action Plan: European company law and corporate governance

    a modern legal framework for more engaged shareholders and sustainable compa-

    nies, COM (2012), 740/2 (December 12, 2012)

    ECJ, Case 26/62, NV Algemene Transporten Expeditie Onderneming van Gend & Loos v.

    Netherlands Inland Revenue Administration, 1963 E.C.R. 1

    ECJ, Case 6/64, Flaminio Costa v. E.N.E.L., 1964 E.C.R. 585

    Damian Chalmers, Gareth Davies & Giorgio Monti, European Union Law: Cases and

    Materials chs. 1-2, 3 (pp. 92-112), 5 (pp. 203-23), 9 (pp. 361-72), and 16 (2d ed.

    2010)

    Paul Craig & Grinne de Brca, EU Law, Text, Cases, and Materials chs. 19-20, 21 (pp.

    715-733), and 22 (5th ed. 2011)

    John Armour & Wolf-Georg Ringe, European Corporate Law 1999-2010: Renaissance

    and Crisis, 48 COMMON MARKET L. REV. 125 (2011)

    Erik Werlauff, Principles of European Company Law, 7 EUR. COMP. L. 183 (2010)

    http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0013:0046:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0047:0200:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0047:0200:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2003:0284:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2003:0284:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2003:0284:FIN:EN:PDFhttp://ec.europa.eu/internal_market/company/docs/modern/reflectiongroup_report_en.pdfhttp://ec.europa.eu/internal_market/company/docs/modern/reflectiongroup_report_en.pdfhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0164:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0164:FIN:EN:PDFhttp://ec.europa.eu/internal_market/company/docs/modern/121212_company-law-corporate-governance-action-plan_en.pdfhttp://ec.europa.eu/internal_market/company/docs/modern/121212_company-law-corporate-governance-action-plan_en.pdfhttp://ec.europa.eu/internal_market/company/docs/modern/121212_company-law-corporate-governance-action-plan_en.pdfhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:61962CJ0026:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:61962CJ0026:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:61964CJ0006:EN:PDFhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/chalmers.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/chalmers.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/chalmers.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/craig.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/craig.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/armour_ringe_2011.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/armour_ringe_2011.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/werlauff_7.pdf

  • Company Law

    Unit 2: Company Formation and Corporate Governance

    Directive 2009/101/EC of the European Parliament and of the Council of 16 September

    2009 on Coordination of Safeguards for the Protection of the Interests of Members

    and Third Parties, 2009 O.J. (L 258) 11 (replaced First Council Directive 68/151/EEC

    of 9 March 1968)

    Second Council Directive 77/91/EEC of 13 December 1976 on Coordination of Safe-

    guards for the Protection of the Interests of Members and Others in Respect of the

    Formation of Public Limited Liability Companies and the Maintenance and Altera-

    tion of Their Capital, 1977 O.J. (L 26) 1

    Reinier Kraakman et al., The Anatomy of Corporate Law chs. 3 and 4 (2d ed. 2009)

    Horst Eidenmller, Andreas Engert & Lars Hornuf, Incorporating under European Law:

    The Societas Europaea as a Vehicle for Legal Arbitrage, 10 EUR. BUS. ORG. L. REV.

    1 (2009)

    Jeffrey N. Gordon, The Rise of Independent Directors in the United States, 1950-2005: Of

    Shareholder Value and Stock Market Prices, 59 STAN. L. REV. 1465 (2007)

    Klaus J. Hopt & Patrick C. Leyens, Board Models in Europe Recent Developments of

    Internal Corporate Governance Structures in Germany, the United Kingdom, France,

    and Italy, 1 EUR. COMP. & FIN. L. REV. 135 (2004)

    Klaus J. Hopt, Comparative Corporate Governance: The State of the Art and Internation-

    al Regulation, 59 AM. J. COMP. LAW 1 (2011)

    Carsten Jungmann, The Effectiveness of Corporate Governance in One-Tier and Two-Tier

    Board Systems Evidence from the UK and Germany, 3 EUR. COMP. & FIN. L. REV.

    426 (2006)

    Pavlos E. Masouros, Is the EU Taking Shareholder Rights Seriously?, 7 EUR. COMP. L.

    195 (2010)

    http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:258:0011:0019:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:258:0011:0019:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:258:0011:0019:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1977:026:0001:0013:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1977:026:0001:0013:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1977:026:0001:0013:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1977:026:0001:0013:EN:PDFhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/anatomy_3_4.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/he_2009.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/he_2009.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/he_2009.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/gordon.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/gordon.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/hopt_leyens.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/hopt_leyens.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/hopt_leyens.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/hopt_ccg_2011.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/hopt_ccg_2011.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/jungmann_2006.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/jungmann_2006.pdfhttp://www.jura.uni-muenchen.de/fakultaet/lehrstuehle/eidenmueller/_dokumente/ecil/jungmann_2006.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/masouros_7.pdfhttps://www.portal.uni-muenchen.de/intranet/jura-intranet/03ls_zr9_downloads/law/masouros_7.pdf

  • Unit 3: Creditor Protection and F