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Industrie- und Handelskammern dürfen sich zu wirtschaftlichen Themen äußern
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Das Bundesverwaltungsgericht (BVerwG) hat die Funktion der Industrie- und Handelskammern, zu wirtschaftlichen und industriepolitischen Themen als Ratgeber Stellung zu nehmen, gestärkt.
(Submitted: 25 August 2010)
OLG München – Abänderungen des Musterprotokolls bei GmbH-Gründung führen zu Gründung im „normalen“ Verfahren
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Seit Inkrafttreten des MoMiG bietet § 2 Abs. 1a GmbHG die Möglichkeit, eine GmbH im sog. „vereinfachten Verfahren“ zu gründen. Das OLG München hat sich mit der Frage befasst, welche Rechtsfolgen sich aus einer Änderung oder Ergänzung des Muster-Protokolls ergeben.
(Submitted: 25 August 2010)
Notarielle Beurkundungspflicht bei Verpflichtung zur Übertragung des gegenwärtigen Vermögens einer GmbH
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Nach § 311 b Abs. 3 BGB ist ein Vertrag, durch den sich der eine Teil verpflichtet, sein gegenwärtiges Vermögen oder einen Bruchteil davon zu übertragen, notariell zu beurkunden.
(Submitted: 25 August 2010)
Gesellschafterausschluss in der 50/50 GmbH
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Verfehlungen, die ein Gesellschafter in seiner Eigenschaft als Geschäftsführer begangen hat, können zwar seine Abberufung als Geschäftsführer rechtfertigen, jedoch nicht automatisch seinen Ausschluss aus der Gesellschaft begründen.
(Submitted: 25 August 2010)
Bundesverfassungsgericht präzisiert Voraussetzungen der Untreue gemäß § 266 Abs. 1 StGB
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Für eine Verurteilung wegen Untreue muss der eingetretene Vermögensschaden konkret beziffert werden. Dies setzt voraus, dass das Gericht den entstandenen wirtschaftlichen Schaden tatsächlich berechnet.
(Submitted: 25 August 2010)
Stand van zaken wetgeving vennootschapsrecht
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Dit memorandum bevat een overzicht van Nederlandse wetten met betrekking tot Corporate die nog in behandeling zijn.
(Last reviewed: 05 August 2010; submitted: 11 July 2002)
German Government plans reinstatement of tax authority privilege in insolvency proceedings
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Since the German Insolvency Statute came into force, the principle of equal treatment of all insolvency creditors has applied in Germany.
(Submitted: 20 July 2010)
How far are we on the road to the SPE (Societas Privata Europaea)?
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For a long time, articles on the SPE - the "little sister" of the SE and European cousin of the German GmbH - keep turning up in the legal gazettes. Nevertheless, the SPE has still not become reality.
(Submitted: 20 July 2010)
ECJ on consumer protection and company law
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In response to a reference for a preliminary ruling submitted by the German Federal Court of Justice, the European Court of Justice had the opportunity to comment on the scope of the consumer protection rules on the right to cancel contracts negotiated away from business premises.
(Submitted: 20 July 2010)
Federal Court of Justice - duty of loyalty and actio pro socio
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In its decision of 26 April 2010 the Federal Court of Justice again confirmed that shareholders are able to use the "actio pro socio" as an instrument to sue for claims of the company against a co shareholder.
(Submitted: 20 July 2010)
Federal Court of Justice - limitation periods for indemnity only begin when third party claims fall due
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Often, indemnity clauses or provisions are agreed in share purchase agreements to achieve a sensible financial demarcation between the parties. In practice, conflicting parties frequently come across provisions where no consideration has been given to the legal consequences.
(Submitted: 20 July 2010)
Extension of the statutory regime for issuer liability: final regulations
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On 09 March 2010, HM Treasury confirmed the UK Government's intention to proceed with the extension of the statutory issuer liability regime. The new regime will apply to information first published on or after 01 October 2010.
(Last reviewed: 11 May 2010; submitted: 31 March 2010)
Celle Court of Appeal denies recognition of solvent schemes of arrangement in Germany
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German insolvency plan proceedings allow for the conclusion of a restructuring agreement which is binding upon all creditors involved, even if not all creditors have consented. At the forefront of insolvency, under German law a restructuring plan needs to be approved by all creditors involved. This is different to the UK.
(Submitted: 05 May 2010)
Munich I District Court outlines requirements for membership of supervisory boards
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On 05 November 2009, the Munich I district court issued guidance on the membership of supervisory boards in accordance with the section 100 (5) of the German Public Limited Companies Act.
(Submitted: 05 May 2010)
Retrospective loss of property by law?
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For the purpose of restructuring hidden contributions in kind under section 19 (4) of the German Limited Liability Company Act, and in the wake of the German Act to Modernise the Law on Private Limited Companies and Combat Abuses coming into force, the German legislature has provided that section 19 (4) could apply retrospectively.
(Submitted: 05 May 2010)
German Federal Court of Justice confirms limited protection of company assets
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In a judgment dated 26 October 2009 the Federal Court of Justice confirmed that assets of a limited liability company would receive limited protection against shareholders.
(Submitted: 05 May 2010)
No hidden capital contributions in kind - the Eurobike case
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In early 2009 the German Federal Court of Justice held that services rendered by a shareholder in return for payments do not constitute hidden capital contributions in kind, and generally do not represent "back and forth" payments.
(Submitted: 05 May 2010)
German Government plans to facilitate mergers and divisions of public limited companies
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On 15 March 2010 the Federal Ministry of Justice published a draft bill for a "Third Act for the Amendment of the Transformation Act". The draft is primarily targeted at facilitating mergers and the divisions of public limited companies.
(Submitted: 05 May 2010)
LG München I konkretisiert Voraussetzungen für Sachverstand des unabhängigen Aufsichtsratsmitglieds
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In seiner Entscheidung vom 5. November 2009 hat das LG München I zu den Voraussetzungen Stellung genommen, welche an das unabhängige und sachverständige Mitglied des Aufsichtsrates zu stellen sind.
(Submitted: 26 April 2010)
Rückwirkender Eigentumsverlust kraft Gesetzes?
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Für die Neuregelung von verdeckten Sacheinlagen in § 19 Abs. 4 GmbHG, die im Zuge des MoMiG in Kraft getreten sind, hat der Gesetzgeber eine Rückwirkung auch auf Altfälle vorgesehen.
(Submitted: 26 April 2010)
BGH bestätigt eingeschränkten Schutz des Gesellschaftsvermögens bei der GmbH
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Mit seinem Urteil vom 26. Oktober 2009 hat der BGH den eingeschränkten Schutz des Gesellschaftsvermögens bei der GmbH bestätigt.
(Submitted: 26 April 2010)
Keine verdeckte Sacheinlage durch Beraterleistungen bei AG - „Eurobike“
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Entgeltliche Dienstleistungen, die ein Gesellschafter in sachlichem und zeitlichem Zusammenhang mit der Leistung einer Stammeinlage erbringt, stellen keine verdeckte Sacheinlage dar und führen in der Regel nicht zu einem Hin- und Herzahlen.
(Submitted: 26 April 2010)
Erleichterungen für Verschmelzung und Spaltung von Aktiengesellschaften geplant
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Das Bundesministerium der Justiz hat am 15. März 2010 einen Referentenentwurf des „Dritten Gesetzes zur Änderung des Umwandlungsgesetzes“ vorgelegt.
(Submitted: 26 April 2010)
No restrictions on registering foreign nationals from outside EU as managing directors in Germany
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In its decision of 17 December 2009, the Munich Higher Regional Court confirmed that foreign nationals from outside the EU may be entered in the commercial register as managing directors of a German GmbH.
(Last reviewed: 12 April 2010; submitted: 09 April 2010)
Notaries responsible for submitting shareholder lists even if only indirectly involved
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Notaries who have been involved in changes regarding the identity of shareholders or the value of their holdings have to sign the list of shareholders in the place of the managing directors and submit it to the commercial register.
(Last reviewed: 12 April 2010; submitted: 09 April 2010)
EU Commission to examine admissibility of restructuring clause in the German Corporate Tax Act
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As a response to the financial crisis, the loss carry forward rule of section 8c of the Corporate Tax Act (Körperschaftsteuergesetz - KStG) was amended by a restructuring clause which enables companies to carry forward losses where financial restructuring has occurred.
(Submitted: 09 April 2010)
DIS rule for corporate law disputes
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In its decision of 06 April 2009, the German Federal Court of Justice (Bundesgerichtshof – BGH) affirmed that disputes regarding deficient corporate resolutions can be resolved by arbitration under the law relating to German limited liability companies (GmbHs).
(Submitted: 09 April 2010)
Six months of “ARUG”- first decisions and first surprises
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On 01 September 2009 a large part of the German Act implementing the Shareholder Rights Directive (Gesetz zur Umsetzung der Aktionärsrechterichtlinie), known as the "ARUG", came into force.
(Submitted: 09 April 2010)
EU-Kommission bezweifelt Zulässigkeit der Sanierungsklausel
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Zur Bewältigung der Finanzkrise wurde die Verlustabzugsbeschränkung des
§ 8c KStG um eine Sanierungsklausel ergänzt, durch die die Verlustvorträge im Sanierungsfalle erhalten bleiben.
(Submitted: 31 March 2010)
Keine Beschränkungen bei Eintragung eines Nicht-EU-Ausländers als Geschäftsführer
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In seiner Entscheidung vom 17. Dezember 2009 bejaht das OLG München die Eintragung eines Nicht-EU-Ausländers als Geschäftsführer einer GmbH.
(Submitted: 31 March 2010)
DIS-Regel für gesellschaftsrechtliche Streitigkeiten
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In seiner Entscheidung vom 6. April 2009 bejahte der BGH die Schiedsfähigkeit von Beschlussmängelstreitigkeiten im Recht der GmbH.
(Submitted: 31 March 2010)
Notar kann auch bei nur mittelbarer Mitwirkung für Einreichung der Gesellschafterliste zuständig sein
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Der Notar, der an Veränderungen in den Personen der Gesellschafter oder im Umfang ihrer Beteiligung mitgewirkt hat, hat die Gesellschafterliste anstelle der Geschäftsführer zu unterschreiben und sie zum Handelsregister einzureichen.
(Submitted: 31 March 2010)
½ Jahr „ARUG“ - erste Entscheidungen, erste Überraschungen
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Am 1. September 2009 ist das „ARUG“ (Gesetz zur Umsetzung der Aktionärsrechterichtlinie) in weiten Teilen in Kraft getreten.
(Submitted: 31 March 2010)
ECJ - liability of group holding companies for breaches of competition rules by a subsidiary
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The European Court of Justice (now Court of Justice of the European Union) ruled that a group holding company always has to accept liability for the conduct of a subsidiary breaching competition law where the two companies constitute a single economic unit.
(Last reviewed: 30 March 2010; submitted: 09 March 2010)
Recent changes affecting representative offices in China
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New rules issued in January 2010 impose restrictions and additional requirements on the establishment and operation of representative offices in China which may impact on the way foreign companies structure and use representative offices.
(Submitted: 18 March 2010)
English as official court language in Germany - much ado about nothing?
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Since 01 January 2010 a model project has been running in the district of Cologne Higher Regional Court in which oral proceedings can be held in English in certain circumstances. Special court divisions are being set up for this purpose at the regional courts in Cologne, Bonn and Aachen and a special panel at Cologne Higher Regional Court.
(Submitted: 09 March 2010)
Recognition of fiscal unity concept under German tax law - new fiscal foray
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The tax authorities in North-Rhine Westphalia no longer see a word for word reproduction of section 302(1) of the Stock Corporation Act as sufficient for recognition of fiscal unities.
(Submitted: 09 March 2010)
German Federal Court of Justice on lessor's claims regarding continued use of leased property during insolvency proceedings
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If the insolvency administrator refuses to release items not belonging to the debtor which he considers are necessary for continuing the business as a going concern, referring to a court order comprehensively prohibiting realisation and confiscation, then the order is ineffective because the assets concerned have not been individually specified.
(Submitted: 09 March 2010)
Frankfurt am Main Higher Regional Court - forecasts still required during a crisis
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In its ruling of 24 November 2009, Frankfurt am Main Higher Regional Court confirmed that a company's management is also obliged to assess the future development of the business in its accounts during times of financial and economic crisis.
(Submitted: 09 March 2010)
Cologne Higher Regional Court - liability for defects during acquisitions
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Even after modernisation of the law of obligations in 2002, legal uncertainties still arise in legal practice for acquisitions when applying the statutory law on warranties.
(Submitted: 09 March 2010)
German Federal Court of Justice confirms existing case law on continuation of a firm
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In a ruling passed on 02 December 2009 the Federal Court of Justice once again affirmed the requirements on continuing businesses as going concerns under the terms of section 25(1) sentence 1 of the German Commercial Code.
(Submitted: 09 March 2010)
New BaFin Circular concerning marketing material
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On 11 February 2010, the German Federal Financial Supervisory Authority (BaFin) issued a long awaited circular concerning the interpretation of provisions of the German Securities Trading Act relating to information, including marketing material, provided by investment firms to their clients.
(Submitted: 09 March 2010)
Steuerliche Anerkennung von Organschaften - neuer fiskalischer Vorstoß
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Die Finanzverwaltung Nordrhein-Westfalen sieht die wörtliche Wiederholung von § 302 Abs. 1 AktG für die Anerkennung von Organschaften nicht mehr als ausreichend an.
(Submitted: 24 February 2010)
BGH - Zu den Ansprüchen des Vermieters bei Weiternutzung der Mietgegenstände im Insolvenzverfahren
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Verweigert der Insolvenzverwalter unter Berufung auf ein pauschal angeordnetes Verwertungs- und Einziehungsverbot die Herausgabe von schuldnerfremden Gegenständen, die nach Ansicht des Insolvenzverwalters für die Betriebsfortführung notwendig sind, so ist die gerichtliche Anordnung mangels Individualisierung der betroffenen Gegenstände zwar unwirksam.
(Submitted: 24 February 2010)
OLG Frankfurt am Main - Prognosebericht auch in der Krise nicht verzichtbar
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In seinem Beschluss vom 24. November 2009 hat das OLG Frankfurt am Main bekräftigt, dass die Unternehmensleitung auch in Zeiten der Finanz- und Wirtschaftskrise zu einer Beurteilung der zukünftigen Unternehmensentwicklung im Rahmen der Rechnungslegung verpflichtet ist.
(Submitted: 24 February 2010)
OLG Köln - Sachmängelhaftung beim Unternehmenskauf
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Auch nach der Modernisierung des Schuldrechts im Jahre 2002 ergeben sich für die Rechtspraxis der Unternehmenskäufe noch immer rechtliche Unsicherheiten bei der Anwendung des gesetzlichen Gewährleistungsrechts.
(Submitted: 24 February 2010)
BGH bestätigt bisherige Rechtsprechung zur Unternehmensfortführung
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In einem Beschluss vom 2. Dezember 2009 hat der Bundesgerichtshof die Voraussetzungen für eine Unternehmensfortführung im Sinne von § 25 Abs. 1 S.1 HGB nochmals bekräftigt.
(Submitted: 24 February 2010)
EuGH - Haftung der Konzernobergesellschaft für Wettbewerbsverstöße der Tochtergesellschaft
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Der EuGH hat am 10. September 2009 entschieden, dass eine Konzernobergesellschaft für wettbewerbsrechtswidriges Verhalten ihrer Tochtergesellschaft immer dann haften muss, wenn die beiden Unternehmen eine wirtschaftliche Einheit bilden.
(Submitted: 24 February 2010)
AIM rule changes take effect
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UK AIM Rules changes now require disclosure of additional details relating to directors' remuneration in an AIM company's annual accounts and allow all AIM companies to communicate with their shareholders electronically.
(Last reviewed: 19 February 2010; submitted: 18 February 2010)
Caution when assigning shares - costs for notarial certificate of conformity vary depending on court district
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The handling of the notarial certificate of conformity, introduced by the MoMiG is unclear as far as the German Law on Costs is concerned.
(Submitted: 26 January 2010)
Munich Higher Regional Court on the validity of shareholder lists and acquisitions of shares in good faith
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In a ruling which meanwhile has full legal force, OLG Munich commented on how a transfer of shares subject to a condition precedent can be entered into the list of shareholders of a German limited liability company.
(Submitted: 26 January 2010)
Düsseldorf Higher Regional Court - entry of an SE (Societas Europaea) without employees in commercial register is possible
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In its decision OLG Düsseldorf had to deal with the question whether an SE (Societas Europaea) founded may also be entered in the commercial register without the general requirement to carry out the negotiation proceedings on financial participation if the company does not have any employees.
(Submitted: 26 January 2010)
German Federal Court of Justice - one month deadline for challenging resolutions in the law on limited liability companies
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In its decision of 13 July 2009, the Federal Court of Justice confirmed its previous opinion that the deadline for contesting resolutions in German public limited companies applied by analogy in the law on limited liability companies.
(Submitted: 26 January 2010)
German Federal Court of Justice on claims for unjust enrichment by supervisory board members
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Where an agency agreement exists between a stock corporation and one of its supervisory board members and the agreement turns out to be void, rights to compensation arise on the part of the supervisory board member only to the extent that the services performed do not already form part of the member's duties as an officer of the company.
(Submitted: 26 January 2010)
Hong Kong Companies Bill (phase one)
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On 17 December 2009, the Financial Services and Treasury Bureau launched a public consultation on the draft provisions of the Companies Bill - as part of a wider rewrite exercise for the Hong Kong Companies Ordinance.
(Last reviewed: 25 January 2010; submitted: 22 January 2010)
Vorsicht bei Geschäftsanteilsabtretungen – Kosten für Notarbestätigung je nach OLG-Bezirk unterschiedlich
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Die kostenrechtliche Behandlung der notariellen Entsprechensbescheinigung, die durch das MoMiG neu eingeführt wurde, ist unklar.
(Submitted: 15 January 2010)
OLG München - Zur Wirksamkeit von GmbH-Gesellschafterlisten und zum gutgläubigen Erwerb von Geschäftsanteilen
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In einem mittlerweile rechtskräftigen Beschluss hat das OLG München zu der Frage Stellung genommen, ob eine aufschiebend bedingte Anteilsübertragung in der Gesellschafterliste der GmbH vermerkt werden kann.
(Submitted: 15 January 2010)
Foreign sovereign wealth funds as investors and crisis managers?
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After being criticised by politicians and the public as a threat just a short time ago, foreign sovereign wealth funds are now increasingly being seen as cash rich investors with a medium and long term orientation.
(Submitted: 23 November 2009)
Legal framework for private equity in Germany
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For the first time, the 2005 coalition agreement envisaged a consistent legal framework for private equity in Germany. However, the grand coalition of CDU and SPD did not succeed in realising these plans.
(Submitted: 23 November 2009)
The independent expert member of the supervisory board
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The German Act to Modernise Accounting Law leads to an important change regarding the appointment of supervisory board members of capital market oriented stock corporations - one member of the board now has to be a finance expert independent of the corporation.
(Submitted: 23 November 2009)
German Federal Court of Justice on debtors’ duties during insolvency of creditor company
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If a debtor makes a payment to the insolvent creditor company rather than to the estate despite being aware of the opening of insolvency proceedings, he is not released from his obligation to pay if he would have been able to avoid the payment from being effected.
(Submitted: 23 November 2009)
German Federal Court of Justice on eligibility for arbitration of disputes concerning deficient resolutions
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The Federal Court of Justice confirmed in its decision of 06 April 2009 that disputes regarding deficiencies of corporate resolutions are eligible for arbitration in the field of limited liability company law.
(Submitted: 23 November 2009)
German Federal Court of Justice rules on managing directors’ liability for social security contributions paid in insolvency
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If a managing director has paid the employer's share of social security contributions after the company has reached the point of insolvency, he or she is required to reimburse these payments to the company.
(Submitted: 23 November 2009)
KfZ-Gruppenfreistellungsverordnung - EU-Kommission erwägt Verlängerung bis 2013
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Am 31. Mai 2010 endet die Laufzeit der europäischen KfZ-Gruppenfreistellungsverordnung. Die Europäische Kommission veröffentlichte im Juli 2009 erstmals eigene Vorschläge für künftige wettbwerbsrechtliche Vorgaben für den KfZ-Sektor.
(Submitted: 03 November 2009)
BGH zur Schiedsfähigkeit von Beschlussmängelstreitigkeiten
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In seiner Entscheidung vom 6. April 2009 bejahte der BGH die Schiedsfähigkeit von Beschlussmängelstreitigkeiten im Recht der GmbH.
(Submitted: 03 November 2009)
BGH - Ersatzpflicht des Geschäftsführers für gezahlte Sozialversicherungsbeiträge bei Insolvenzreife der Gesellschaft
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Hat der Geschäftsführer nach Eintritt der Insolvenzreife noch Arbeitgeberbeiträge zur Sozialversicherung gezahlt, so trifft ihn diesbezüglich eine Erstattungspflicht.
(Submitted: 03 November 2009)
Companies Act 2006: piecing it together - Limited Liability Partnerships
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A brief outline of the key practical changes brought in by the Companies Act 2006 in relation to limited liability partnerships.
(Last reviewed: 21 October 2009; submitted: 19 October 2009)
Hong Kong Companies Registry plans for online incorporation
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The Hong Kong Companies Registry announced that it is working to introduce electronic incorporation of companies and business registration, with the whole process to be completed online within the same day.
(Last reviewed: 16 October 2009; submitted: 14 October 2009)
Latest guidance on Hong Kong directors’ duties
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A summary of updated guidance on directors' duties published by the Hong Kong Companies Registry together with information regarding recent prosecutions for non compliance.
(Last reviewed: 19 August 2009; submitted: 18 August 2009)
VorstAG verabschiedet – Neue Regeln für Managergehälter
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Der deutsche Bundestag hat am 18. Juni 2009 das Gesetz zur Angemessenheit der Vorstandsvergütung (“VorstAG”) verabschiedet. Die Vergütung von Vorständen soll künftig stärker auf eine nachhaltige Unternehmensentwicklung ausgerichtet werden.
(Submitted: 13 July 2009)
Wirtschaftsfonds Deutschland – Förderungsmöglichkeiten für mittlere und große Unternehmen
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Unter dem aktuellen Konjunkturpaket II werden dem Wirtschaftsfonds Deutschland zur Überbrückung von Liquiditätsproblemen bei mittelständischen und großen Unternehmen im Rahmen der Sonderkreditprogramme der KfW insgesamt EUR 40 Mrd. zur Verfügung gestellt.
(Submitted: 13 July 2009)
Gesetz zur Modernisierung des Bilanzrechts in Kraft getreten
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Am 29. Mai 2009 ist das Gesetz zur Modernisierung des Bilanzrechts (BilMoG) in Kraft getreten. Das Inkrafttreten des Gesetzes war ursprünglich bereits zum 1. Januar 2009 geplant, dann jedoch verschoben worden, um den betroffenen Unternehmen hinreichend Zeit zur Umstellung von Buchhaltungs- und EDV-Systemen zu gewähren.
(Submitted: 13 July 2009)
BGH – Stehenlassen einer kündbaren Darlehensforderung ist keine die Schenkungsanfechtung ausschließende Gegenleistung
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Lässt die Bank eine Darlehensforderung trotz Kündbarkeit stehen und erhält dafür im Gegenzug eine Sicherheit, ist die Sicherheitenbestellung im Falle der anschließenden Insolvenz des Darlehensnehmers als unentgeltliche Leistung anfechtbar.
(Submitted: 13 July 2009)
BGH zur Existenzvernichtungshaftung im Liquidationsstadium
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In seiner Entscheidung vom 9. Februar 2009 hatte der BGH erneut Gelegenheit, seine Rechtsprechung zur Existenzvernichtungshaftung zu konkretisieren.
(Submitted: 13 July 2009)
Federal Government: stricter duties on supervisory board concerning reasonable executive salaries
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On 12 March 2009, at the initiative of the Federal Ministry of Justice (Bundesjustizministerium) the Federal Government resolved official wording relating to executive pay in commercial and stock corporation law which is to be introduced as a draft bill and adopted before the parliamentary summer recess.
(Submitted: 01 June 2009)
Bundesregierung: Aufsichtsrat zukünftig stärker in der Pflicht für angemessene Vorstandsgehälter
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Die Bundesregierung hat am 12. März 2009 auf Initiative des Bundesjustizministeriums eine Formulierungshilfe zum Handels- und Aktienrecht beschlossen, welche kurzfristig als Gesetzentwurf eingebracht und noch vor der parlamentarischen Sommerpause beschlossen werden soll.
(Submitted: 29 May 2009)
Nieuwsbrief beloningen
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In de afgelopen weken hebben verschillende instanties aanbevelingen gedaan met betrekking tot beloningen binnen de financiële sector. Deze nieuwsbrief geeft een overzicht van de belangrijkste aanbevelingen.
(Submitted: 19 May 2009)
Wesentliche Mehrheits- und Beteiligungserfordernisse bei Aktiengesellschaft und Gesellschaft mit beschränkter Haftung
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Wesentliche Mehrheits- und Beteiligungserfordernisse bei Aktiengesellschaft und Gesellschaft mit beschränkter Haftung.
(Submitted: 18 May 2009)
Higher thresholds for merger control requirement
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On 25 March 2009 the Third Act on the lowering of bureaucratic obstacles in particular in the Mittelstand economy came into force.
(Submitted: 20 April 2009)
Bundestag resolves rights to intervene in company takeovers by non European investors
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The German Federal Parliament (Bundestag) approved the reform of the foreign trade legislation in the necessary second and third reading on 13 February 2009.
(Submitted: 20 April 2009)
Section 27a Securities Trading Act - new notification requirements for acquisition of voting rights
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On 31 May 2009 the new section 27a German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) comes into effect, which includes additional duties of notification during the acquisition of voting rights.
(Submitted: 20 April 2009)
Höhere Schwellenwerte für die Notwendigkeit kartellrechtlicher Zusammenschlusskontrolle
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Am 25. März 2009 ist das Dritte Gesetz zum Abbau bürokratischer Hemmnisse insbesondere in der mittelständischen Wirtschaft (Drittes MittelstandsentlastungsG) in Kraft getreten.
(Submitted: 14 April 2009)
Bundestag beschließt Eingriffsrechte bei der Übernahme von Unternehmen durch außereuropäische Investoren
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Am 13. Februar 2009 hat der Bundestag in zweiter und dritter Lesung die Reform des Außenwirtschaftsrechts verabschiedet. Nach dem Inkrafttreten ist zukünftig eine Intervention des Bundeswirtschaftsministeriums bei Transaktionen mit Auslandsbezug möglich.
(Submitted: 14 April 2009)
§ 27a WpHG - Neue Mitteilungspflichten beim Stimmrechtserwerb
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Mit Wirkung zum 31. Mai 2009 tritt der neue § 27a WpHG in Kraft, der zusätzliche Mitteilungspflichten beim Erwerb von Stimmrechten beinhaltet. Die Vorschrift ist Teil des Risikobegrenzungsgesetzes, welches der Bundestag bereits am 27. Juni 2008 verabschiedete.
(Submitted: 14 April 2009)
Kein Haftungsprivileg für fakultative Aufsichtsräte
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Die Haftung der Mitglieder gesetzlich vorgeschriebener Aufsichtsräte ist im Aktiengesetz explizit geregelt. Eine klare Regelung der Haftung für die Mitglieder fakultativer Aufsichtsräte existiert demgegenüber nicht.
(Submitted: 07 April 2009)
The credit crunch and financing medical equipment
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The impact of the credit crunch is being felt in all sectors. Hospitals and private medical facilities need up to date, state of the art, equipment to provide the best service possible and, thereby, for the private sector to remain competitive. However, the capital expenditure required can put a strain on budgets and balance sheets, which are already under considerable pressure.
(Submitted: 25 March 2009)
Registry courts require registration of German business address
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Section 3 of the Introductory Act to the German Limited Liability Companies Act (EGGmbHG) in principle provides for a transitional deadline of 31 October 2009 for notification of a current German business address to the commercial register.
(Submitted: 12 March 2009)
Rescue Takeover Act allows expropriations in financial sector
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Alongside the measures in its second economic stimulus package, Konjunkturpaket II, the German Federal Cabinet recently approved an amendment to the Financial Market Stabilisation Act (Finanzmarktstabilisierungsgesetz).
(Submitted: 12 March 2009)
'Shield' for businesses - KfW issues guarantees
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On 30 January 2009, the German Federal Cabinet gave its consent to a second package of measures designed to stabilise the economy. One of the planned measures is described as a "shield" for businesses and includes a wide range of initiatives designed to promote the economy.
(Submitted: 12 March 2009)
Registergerichte fordern Anmeldung einer inländischen Geschäftsadresse
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§ 3 EGGmbHG sieht für die Anmeldung einer aktuellen inländischen Geschäftsadresse im Handelsregister grundsätzlich eine Übergangsfrist bis zum 31. Oktober 2009 vor. Dennoch fordern zahlreiche Registergerichte bereits jetzt eine entsprechende Anmeldung.
(Submitted: 06 March 2009)
Rettungsübernahmegesetz erlaubt Enteignungen im Finanzsektor
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Neben den Maßnahmen des Konjunkturpaketes II hat das Bundeskabinett kürzlich eine Ergänzung des Finanzmarktstabilisierungsgesetzes verabschiedet. Diese sieht unter anderem eine Möglichkeit vor, Anteilseigner von Finanzinstituten im Krisenfall zu enteignen und das Kreditinstitut somit temporär zu verstaatlichen.
(Submitted: 06 March 2009)
„Schutzschirm“ für Unternehmen - KfW stellt Bürgschaften zur Verfügung
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Am 20. Februar 2009 hat der Bundesrat dem zweiten Maßnahmenpaket zur Stabilisierung der Konjunktur zugestimmt. Geplant ist unter anderem ein sogenannter „Schutzschirm“ für Unternehmen, der zahlreiche Maßnahmen zur Wirtschaftsförderung umfasst.
(Submitted: 06 March 2009)
Go greener: Website communications for Hong Kong listed companies
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New changes to the Listing Rules introduced the deemed consent procedure which enables listed companies to issue electronic communications to shareholders through the companies' websites.
(Submitted: 17 February 2009)
'Cartesio' case – ECJ restricts company relocations
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In its judgment of 16 December 2008 on the Cartesio case, the European Court of Justice decided against the final pleadings of Advocate General M. Poiares Maduro brought on 22 May 2008.
(Submitted: 29 January 2009)
Need for action on entry into force of MoMiG – a checklist for businesses
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On the lines of the checklist used in Bormann/Kauka/Ockelmann, Handbuch GmbHRecht, we have summarised the most important new developments for businesses resulting from the MoMiG requiring a reaction by these businesses.
(Submitted: 29 January 2009)
Still no ruling on whether licences are insolvency proof
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Especially in the light of the strained economic situation of many businesses, the question arises as to whether licensees can protect themselves from non performance of a licence agreement by the insolvency administrator and how they can do this.
(Submitted: 29 January 2009)
Contesting shareholders' resolutions – incorrect details on form of voting proxy
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The Higher Regional Courts of Appeal in Frankfurt am Main and Munich had to decide on the effects of incorrect details regarding the form of voting proxies in invitations issued to announce shareholders’ meetings.
(Submitted: 29 January 2009)
Frankfurt am Main Higher Regional Court rescues takeover law squeeze out
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In its order of 09 December 2008, Frankfurt am Main Higher Regional Court of Appeal confirmed the takeover law squeezeout and amended the preliminary decision of Frankfurt am Main Regional Court of 05 August 2008.
(Submitted: 29 January 2009)
Upstream loans – Federal Court of Justice revises 'November judgment'
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In its judgment of 01 December 2008 the Federal Court of Justice set out the conditions under which a claim for repayment of a loan made by a company to its shareholders is fully recoverable (vollwertig).
(Submitted: 29 January 2009)
Handlungsbedarf nach Inkrafttreten des MoMiG - Checkliste für Unternehmen
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In Anlehnung an die Checkliste bei Bormann/Kauka/Ockelmann, Handbuch GmbH-Recht, weisen wir auf die für Unternehmen wichtigsten Neuerungen durch das MoMiG hin, die eine Reaktion seitens der Unternehmen erfordern.
(Submitted: 22 January 2009)
Noch immer keine Regelung zur Insolvenzfestigkeit von Lizenzen
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Die Frage nach dem Bestand von Lizenzen in der Insolvenz des Lizenzgebers ist für die Unternehmenspraxis von großer Bedeutung. Insbesondere im Lichte der derzeit angespannten wirtschaftlichen Situation vieler Unternehmen stellt sich die Frage, ob und wie sich Lizenznehmer vor einer Nichterfüllung des Lizenzvertrages durch den Insolvenzverwalter schützen können.
(Submitted: 22 January 2009)
Rechtssache 'Cartesio' - EuGH begrenzt Wegzug von Gesellschaften
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Der Europäische Gerichtshof hat mit seinem Urteil vom 16. Dezember 2008 in Sachen „Cartesio“ entgegen der Schlussanträge von Generalanwalt M. Poiares Maduro vom 22. Mai 2008 entschieden. Die Rechtsprechung des Gerichtshofes zur Niederlassungsfreiheit nimmt damit eine überraschende Entwicklung.
(Submitted: 22 January 2009)
Die Anfechtung von Hauptversammlungsbeschlüssen - unrichtige Angaben zur Form der Stimmrechtsvollmacht
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Die Oberlandesgerichte in Frankfurt am Main und München hatten über die Auswirkungen fehlerhafter Angaben zur Form von Stimmrechtsvollmachten in Einladungen zu Hauptversammlungen zu entscheiden.
(Submitted: 22 January 2009)
OLG Frankfurt am Main rettet übernahmerechtlichen Squeeze-Out
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Mit Beschluss vom 09. Dezember 2008 bestätigt das OLG Frankfurt am Main den übernahmerechtlichen Squeeze-Out und ändert die Vorentscheidung des LG Frankfurt am Main vom 05. August 2008 ab.
(Submitted: 22 January 2009)
Upstream-Darlehen - BGH revidiert 'Novemberurteil'
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In seinem Urteil vom 01. Dezember 2008 konkretisiert der BGH die Voraussetzungen, unter denen ein Rückgewähranspruch eines Darlehens einer Gesellschaft an einen Gesellschafter vollwertig ist.
(Submitted: 22 January 2009)
The China Singapore Free Trade Agreement
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The China Singapore Free Trade Agreement and its relevance to foreign direct investment in China.
(Last reviewed: 13 January 2009; submitted: 12 January 2009)
Federal Court of Justice - Duty to remit employer's social security contributions when GmbH reaches point of insolvency
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In a time span of only three months, the Federal Court of Justice had to decide twice on the personal liability of the managing director of a limited liability company for payment of the employer's share of social security contributions the company had failed to remit when it had reached the point of becoming insolvent.
(Submitted: 12 December 2008)
Federal Court of Justice - Personal liability of limited partners on repayment of premiums
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Under section 172(4), sentence 1 of the German Commercial Code the personal liability of a limited partner is also revived when a premium (Agio) is paid back to the partner if this means that the balance of their capital account falls under the value of their uncalled liability or no longer reached this value even prior to this.
(Submitted: 12 December 2008)
Federal Court of Justice - Supervisory board members leaving companies required to surrender company documents
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The Federal Court of Justice found in its ruling of 07 July 2008 that members of the supervisory board of a stock corporation, who leave the company are required to return the business documents entrusted to them during their term of office.
(Submitted: 12 December 2008)
Financial markets crisis forces businesses to restructure in legally ambivalent times
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The crisis on the financial markets has affected businesses and their decision makers at shareholder, board and management levels at a legally inauspicious time. The legal framework and risk situation for businesses in Germany have changed in the last few months as a result of various activities by the legislator.
(Submitted: 12 December 2008)
Solvency test in the new GmbH legislation
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On 01 November 2008, a new solvency test was implemented into German limited liability company legislation as an additional layer of creditors' protection. If the solvency test is infringed, this may lead to managing directors being held personally liable.
(Submitted: 12 December 2008)
Start of new accounting legislation delayed
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It is very likely that the entry into force of the Act to Modernise Accounting Law planned for 01 January 2009 will be delayed. The next meeting of the committee of legal affairs of the Lower House of Parliament, the Bundestag, is scheduled for 17 December 2008.
(Submitted: 12 December 2008)
BGH - Pflicht zu Zahlungen an Sozialversicherung bei Insolvenzreife der GmbH
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Im Abstand von nur drei Monaten hatte der BGH zweimal (BGH Urteil vom 02 Juni 2008 - II ZR 27/07 und BGH Urteil vom 29 September 2008 - II ZR 162/07) über die persönliche Haftung des Geschäftsführers einer GmbH auf Zahlung der Arbeitnehmeranteile zur Sozialversicherung zu entscheiden, die dieser bei bestehender Insolvenzreife der betroffenen GmbH nicht erbracht hatte.
(Submitted: 09 December 2008)
BilMoG - Start des neuen Bilanzrechts verzögert sich
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Das für den 01 Januar 2009 geplante Inkrafttreten des Bilanzrechtsmodernisierungsgesetzes (BilMoG - hierzu bereits Simmons & Simmons Newsletter Corporate Germany - Juli 2008) wird sich aller Voraussicht nach verzögern. Die nächste Sitzung des Rechtsausschusses des Bundestages ist für den 17 Dezember 2008 geplant.
(Submitted: 09 December 2008)
BGH - Persönliche Haftung eines Kommanditisten bei Rückzahlung eines Agios
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Die persönliche Haftung des Kommanditisten lebt nach § 172 Abs. 4 Satz 1 HGB auch dann wieder auf, wenn an ihn ein Agio zurückgezahlt wird, sofern dadurch der Stand seines Kapitalkontos unter den Betrag seiner Haftsumme sinkt oder schon zuvor diesen Wert nicht mehr erreicht hat (BGH-Urteil vom 05 Mai 2008 - II ZR 105/07).
(Submitted: 09 December 2008)
BGH - Ausscheidende Aufsichtsratsmitglieder müssen Gesellschaftsunterlagen herausgeben
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Wie der Bundesgerichtshof (BGH) mit Beschluss vom 07 Juli 2008 (II ZR 71/07) festgestellt hat, sind ausscheidende Mitglieder des Aufsichtsrates einer Aktiengesellschaft in entsprechender Anwendung der §§ 675, 666 f. BGB verpflichtet, die ihnen im Rahmen ihrer Amtstätigkeit überlassenen Gesellschaftsunterlagen herauszugeben.
(Submitted: 09 December 2008)
Finanzmarktkrise zwingt Unternehmen zu Restrukturierungen in rechtlich unübersichtlicher Zeit
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Die Finanzmarktkrise trifft Unternehmen und ihre Entscheidungsträger auf Gesellschafter-, Vorstands- und Geschäftsführungsebene zu einem rechtlich ungünstigen Zeitpunkt. Die rechtlichen Rahmenbedingungen und die Risikolage für Unternehmen in Deutschland haben sich in den letzten Monaten durch verschiedene Aktivitäten des Gesetzgebers verändert.
(Submitted: 09 December 2008)
Der Solvenztest im neuen GmbH-Recht
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Ab dem 01 November 2008 wurde ein neuer Solvenztest als zusätzlicher Gläubigerschutz in das deutsche Gesellschaftsrecht eingeführt. Im Falle einer Verletzung des Solvenztests könnte eine persönliche Haftung des Geschäftsführers begründet werden.
(Submitted: 09 December 2008)
Cross border mergers
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The implementation of Directive 2005/56/EC (Cross Border Mergers Directive) into national law has only been partly carried out in the Member States to date (deadline for implementation being 15 December 2007). The Commission has now initiated formal Treaty infringement proceedings against 11 Member States. In Germany, the Directive was implemented well in time by amending the German Transformation Act and by the new Act on codetermination in cross border mergers.
(Submitted: 27 November 2008)
Düsseldorf Higher Regional Court - liability of supervisory board
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Düsseldorf Higher Regional Court affirms the liability of the chairman of the supervisory board of a stock corporation for his involvement in a capital increase which led to shareholders of the company being adversely affected. Where there is a strong suspicion that the management board may be guilty of criminal conduct and the chairman of the supervisory board does not work towards clarifying this situation, he is personally liable on the basis of sections 826 and 830 German Civil Code.
(Submitted: 27 November 2008)
German Federal Court of Justice - post contractual prohibition of competition
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In its decision of 28 April 2008 (case no. II ZR 11/07), the German Federal Court of Justice again confirmed that section 74(2) German Commercial Code does not apply to post contractual non compete clauses for managing directors of a limited liability company.
(Submitted: 27 November 2008)
Grenzüberschreitende Verschmelzungen - Regelungen und aktueller Stand der Umsetzung
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Die Umsetzung der Richtlinie 2005/56/EG (Verschmelzungsrichtlinie - RL) in nationales Recht (Umsetzungsfrist bis 15.12.2007) erfolgte in den Mitgliedstaaten bis dato nur teilweise. Die Kommission hat nun gegen 11 Mitgliedstaaten formelle Vertragsverletzungsverfahren eingeleitet.
(Submitted: 06 November 2008)
Reform des Außenwirtschaftsgesetzes - Bundestag berät am 12 November 2008
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Der überarbeitete Entwurf für eine Änderung des Außenwirtschaftsgesetzes (AWG) und der Außenwirtschaftsverordnung (AWV) sieht ein branchenübergreifendes Vetorecht des Bundeswirtschaftsministeriums vor, wenn ein außereuropäischer Investor mindestens 25 % der Stimmrechte einer deutschen Gesellschaft erwirbt.
(Submitted: 06 November 2008)
Key things to know about China's new Anti Monopoly Law
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Key points of the newly published anti-monopoly law which companies should pay attention to.
(Submitted: 26 October 2007)
Investing in China – 10 key points for consideration
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From our experience investors should consider 10 key matters when doing business in China.
(Submitted: 22 August 2007)
Financial assistance: Prospettive di riforma
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Potenziali modifiche alla disciplina italiana di financial assistance in attuazione della direttiva 2006/68/CE: limiti e condizioni di ammissibilità.
(Last reviewed: 20 March 2007; submitted: 19 March 2007)
Employee stock option plans - A time of continual change
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An overview of recent changes to Italian employee stock option legislation.
(Submitted: 03 November 2006)
Partnership Reform: Government Statement
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On 20 July 2006, the Department of Trade and Industry (DTI) issued a statement confirming that it intends to take forward the reforms to limited partnership law proposed in a report published by the Law Commission and the Scottish Law Commission in November 2003.
(Submitted: 18 August 2006)
Corporate Manslaughter: Presentation of Bill
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Almost 18 months after publication of a draft bill, the Corporate Manslaughter and Corporate Homicide Bill was finally introduced into Parliament on 20 July 2006.
(Submitted: 18 August 2006)
Ssshhh: can you keep a secret?: Confidentiality Agreements in corporate finance transactions
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An article reviewing confidentiality agreements in corporate finance transactions.
(Last reviewed: 08 August 2006; submitted: 04 July 2002)
DTI Consultation: Directive: Statutory Audit
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The Department of Trade and Industry has published a consultation paper seeking views on the proposed EC Directive on the statutory audit of annual and consolidated accounts.
(Last reviewed: 08 August 2006; submitted: 20 October 2004)
Civil Partnership Act 2004: Consequential amendments to corporate legislation
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Amendments to the Companies Act 1985, the Listing Rules and others to take account of "civil partners".
(Last reviewed: 03 August 2006; submitted: 22 December 2005)
Pensions and corporate transactions: Clearance applications
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A reminder about the process for making clearance applications for corporate transactions.
(Submitted: 07 July 2006)
OFR to be abolished.
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The Government has published draft regulations which will abolish the requirement for quoted companies to prepare an Operating and Financial Review, but they will still have to prepare a "business review" in the directors' report.
(Submitted: 20 December 2005)
The Companies (Forms) (Amendment) Regulations 2005 (SI 2005/2747)
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These Regulations introduce amended forms 88(2) and 88(3) for use in relation to allotments of shares made on or after 01 December 2003.
(Submitted: 25 November 2005)
Companies House update
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On 10 November 2005 Companies House published its October edition of "Register".
(Submitted: 24 November 2005)
Limited Liability Partnerships (Amendment) Regulations 2005 (SI 2005/1989)
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A brief look at the Limited Liability Partnerships (Amendment) Regulations 2005 (SI 2005/1989).
(Last reviewed: 12 September 2005; submitted: 12 October 2005)
Execution of deeds: Regulatory Reform
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A regulatory reform order amending the law governing the execution of documents by and on behalf of corporations comes into force on 15 Septemeber 2005.
(Last reviewed: 03 August 2005; submitted: 03 October 2005)
CIMA: Legal opinion on directors’ liability for statements in the OFR
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CIMA has published a legal opinion on directors' liability for statements in the OFR.
(Last reviewed: 03 August 2005; submitted: 03 October 2005)
Fraud Bill Published
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On 26 May the Government published the Fraud Bill which creates a new offence of fraud that can be committed in three ways.
(Last reviewed: 14 July 2005; submitted: 06 October 2005)
Corporate Manslaughter : Draft Bill
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A summary of the Corporate Manslaughter Bill, under which an organisation will be guilty of the new offence of corporate manslaughter if the way in which its senior managers managed or organised its activities caused a person’s death and was a gross breach of a duty of care.
(Submitted: 16 May 2005)
Myners' Progress Report: Impediments to voting shares
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Paul Myners has issued a progress report following his review of the shareholder voting process in 2004. (Review of the impediments to voting shares. Report by the Shareholder Voting Working Group - Progress one year on: March 2005).
(Submitted: 13 April 2005)
Pre-emption rights: final report
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Paul Myners has published his final report on pre-emption rights.
(Submitted: 18 March 2005)
Joint Ventures in the Upstream Oil and Gas Industry
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An explanation of how joint ventures operate in the upstream oil and gas industry.
(Last reviewed: 04 March 2005; submitted: 14 September 2001)
Online, At Last: The Electronic Communications Order 2000
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An assessment of The Electronic Communications Order 2000, which allows electronic shareholder communications and filings.
(Last reviewed: 16 February 2005; submitted: 08 February 2001)
'Floatspeak': the Language of IPOs
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An article illustrating the abbreviations and acronyms that investment bankers and others use in relation to flotations.
(Last reviewed: 16 February 2005; submitted: 20 December 2001)
Directors’ Duties: Time for a Business Judgement Defence for UK Directors?
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An article reviewing whether a business judgement defence for directors should be implemented.
(Last reviewed: 16 February 2005; submitted: 24 June 2002)
Directors’ Residential Addresses
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Regulations allowing directors to apply for Confidentiality Orders are now in force.
(Last reviewed: 16 February 2005; submitted: 27 June 2002)
IOSCO: Disclosure: Operating and Financial Review
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The Technical Committee of IOSCO has published its ‘General Principles regarding Disclosure of Management’s Discussion and Analysis of Financial Condition and Results of Operations’.
(Last reviewed: 15 February 2005; submitted: 19 May 2003)
Home Office: Corruption Draft Legislation
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The Corruption Bill attempts to modernise the law in this area by bringing together all of the bribery and corruption offences in a single statute.
(Last reviewed: 15 February 2005; submitted: 20 May 2003)
Treasury shares: new regulations come into force in December
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The Companies (Acquisition of Own Shares) (Treasury Shares) Regulations will allow certain companies to buy, hold and resell their own shares.
(Last reviewed: 15 February 2005; submitted: 30 May 2003)
Law Society Guidance: Redenomination of Legacy Currency Share Capital
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This memorandum will be of interest to companies incorporated in the UK whose capital is denominated in a legacy currency.
(Last reviewed: 15 February 2005; submitted: 11 June 2003)
Competition Disqualification Orders: Directors: Enterprise Act
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The Office of Fair Trading has published guidance on Competition Disqualification Orders.
(Last reviewed: 15 February 2005; submitted: 11 June 2003)
Treasury Shares: corporate treasure or simply another tool?
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An article reviewing the new legislation introducing treasury shares into the corporate arena on 01 December 2003.
(Last reviewed: 15 February 2005; submitted: 13 June 2003)
Community Interest Company Regulator
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The DTI has recently announced the appointment of John Hanlon as the Regulator for Community Interest Companies, a new type of company designed for people who want to establish social enterprises.
(Submitted: 14 February 2005)
Impact of Freedom of Information on the Private Sector
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Private sector companies providing information to government authorities are concerned about third party access to such information via requests under the Freedom of Information Act. We examine the rights available to access such information and the application of the statutory exemptions available to restrict disclosure in such circumstances.
(Submitted: 11 February 2005)
The Law Commission: Partnership Law: Proposals for Change
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The Law Commission (in conjunction with the Scottish Law Commission) has published a Report detailing its recommendations for the reform of UK partnership law.
(Last reviewed: 11 February 2005; submitted: 16 December 2003)
Statutory Instrument 2004 No 16: The Companies Act 1985 (Accounts of Small and Medium-sized Enterprises and Audit Exemption) (Amendment) Regulations 2004
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This statutory instrument (which came into force on 30 January 2004) raises the turnover and balance sheet thresholds for small and medium company status and for audit exemption.
(Last reviewed: 11 February 2005; submitted: 12 February 2004)
Corporate homicide: Scotland
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Scotland’s High Court of Justiciary has ruled for the first time that a company can be prosecuted for the offence of “culpable homicide”. It has also established a principle of law that allows companies to be prosecuted without needing to prosecute a director or senior manager at the same time. This is wider than the legal test that exists in England.
(Last reviewed: 11 February 2005; submitted: 27 February 2004)
Myner's Report: Shareholder voting process: recommendations for change
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The Paul Myners’ Report to the Shareholder Voting Group was published on 03 February 2004 (“Review of the impediments to voting UK shares”, January 2004).
(Last reviewed: 11 February 2005; submitted: 27 February 2004)
Money Laundering Regulations
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The Money Laundering Regulations 2003 came into force on 01 March 2004. They expand the regulated sector by including several new categories of business, including lawyers, within its regime.
(Last reviewed: 11 February 2005; submitted: 29 March 2004)
DTI: Consultation on Fair Value Directive
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The Department of Trade and Industry has issued a consultation document on the use of fair value accounting for certain financial instruments and disclosure of dividends by companies and other undertakings.
(Last reviewed: 11 February 2005; submitted: 21 August 2003)
IOSCO Technical Committee: Statement of Principles: Securities Analysts
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Statement of Principles for Addressing Sell-side Securities Analyst Conflicts of Interest
(Last reviewed: 11 February 2005; submitted: 31 October 2003)
Corporate Killing: Update
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The Government has confirmed its commitment to introducing a new offence of corporate killing and is hoping to publish a draft Bill before the end of the current Parliamentary session.
(Last reviewed: 10 February 2005; submitted: 30 June 2004)
Directors and Auditors Liability: Transparency Obligations Directive
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The European Union Committee of the House of Lords has published a supplementary report which deals with the possibility that the Transparency Obligations Directive might significantly extend the civil liability of directors and auditors arising from the publication of a company’s annual accounts and audit report.
(Last reviewed: 10 February 2005; submitted: 30 June 2004)
Consultation: Fraud Law Reform
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The Government has published a Consultation Paper seeking views on legislation to reform the law of fraud. In each case of fraud, the behaviour must be dishonest and must aim at securing a gain for the defendant or a loss for another person.
(Last reviewed: 10 February 2005; submitted: 30 June 2004)
Companies Act 2004 Commencement Dates
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Certain sections of the Companies (Audit, Investigations and Community Enterprise) Act 2004 will come into force on 06 April 2005.
(Submitted: 26 January 2005)
The Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations 2004
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The Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations 2004 came into force on 11 January 2005.
(Submitted: 26 January 2005)
Companies House: Forms 88(2) and 225: Accounts
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The November edition of “Register”, which is published by Companies House, has information on Forms 88(2) and 225 and the filing of accounts.
(Submitted: 20 December 2004)
The Companies (Audit, Investigations and Community Enterprise) Bill: Royal Assent
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The Companies (Audit, Investigations and Community Enterprise) Act 2004 received Royal Assent on 28 October 2004. Set out below is a brief summary of the main changes which you need to be aware about.
(Submitted: 18 November 2004)
Key features of the Italian corporate law reform
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Assessment of January 2004 reform of Italian corporate law from the perspective of an English lawyer, focussing on new corporate governance, transparency and disclosure provisions.
(Submitted: 30 September 2004)
Statutory Instrument
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The Insolvent Companies (Disqualification of Unfit Directors) Proceedings (Amendment) Rules 2003.
(Last reviewed: 27 September 2004; submitted: 21 August 2003)
Shareholders' Rights
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Summaries of rights a shareholder in any company can expect depending on the size of the shareholding.
(Last reviewed: 24 September 2004; submitted: 18 December 2000)
Strategic Partnering in Defence
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A look at how the PPP environment can enhance efficiency and operational capability in the defence sector.
(Last reviewed: 04 May 2004; submitted: 08 May 2003)
Key Changes to Japanese Commercial Code: April 2002
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Brief summary of key changes to the Japanese commercial code: Increasing opportunities for private equity investment structures.
(Submitted: 26 July 2002)
Ten Things You Should Know about the 'EMI'
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Outline of the Enterprise Management Incentive scheme, which was introduced in the Finance Act 2000.
(Last reviewed: 19 July 2002; submitted: 02 November 2000)

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