spe - legal capital & creditor protection - barneveld

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J. Barneveld 81 LEGAL CAPITAL AND CREDITOR PROTECTION – SOME COMPARATIVE REMARKS 1. Introduction 1.1. Competition of the Private Corporate Form The regulatory framework applicable to the private limited liability company has been or is in the p rocess of being amended in many European countries. Case law at European level has led to competition between the different versions of this corporate form. 1 The ability for companies to migrate puts pressure on national legisla- tures to ensure that their private company is as attractive as possible. In this search for the best private company form, the fundamentals of (private) company law are being reconsidered all over Europe. In Germany, this reconsideration has resulted in the Gesetz zur Modernisierung des GmbH-Rechts und zur Bekämpfung von Missbräuchen (MoMIG), which amends the law for the German private company (GmbH). 2 After extensive debate and discus- sions, the German Bundestag finally approved the bill on 26 June 2008. It is consider- ed to be the most comprehensive reform of the GmbH Act since its introduction in 1892. The United Kingdom has enacted a new statute concerning both public and private companies: the Companies Act 2006 (CA2006). 3 This act almost entirely replaces the Companies Act 1985. The far-reaching amendments made by the Act, are largely based on the findings of the Company Law Steering Group (CLR) that conducted an extensive review of the British company law between 1998 and 2001. 4 1 Centros, Case C-212/97 of 9 March 1999 [1999] ECR I-1459, Überseering, Case C-208/00 of 5 November 2002 [2002] ECR I-9919, Inspire Art, Case C-167/01 of 15 November 2003 [2003] ECR I-10155 & Sevic Systems, Case C-411/03 of 13 December 2005 [2005] ECR 10,805. 2 Law on the modernisation of the law of private limited liability companies and to combat abuses. 3 See Payne 2008. 4 Rickford 2004.

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