Hostname: page-component-586b7cd67f-dlnhk Total loading time: 0 Render date: 2024-11-24T15:47:51.212Z Has data issue: false hasContentIssue false
  • English
  • Français

Regulatory Approaches to Groups of Companies in States in Transition in Central and Eastern Europe

Published online by Cambridge University Press:  17 February 2009

Christa Jessel-Holst
Christa Jessel-Holst
Affiliation:
Dr. iur., Research Associate, Max Planck Institute for Foreign Private and Private International Law, Hamburg.
Get access

Extract

During socialist times the socialist enterprises were the basic entities of the socialist economic system. Admittedly, there were also commercial companies in Central and Eastern Europe in this period, but examples tended to be rare. In the form of limited liability companies (owned by the state or by a state entity) they typically served the purpose of facilitating economic exchange with third countries (companies or banks for foreign trade, insurance companies, etc.). In Romania, Hungary, Poland and the GDR, for example, their legal foundations dated from the period in between the World Wars, and partly even from the 19th century. Regulation largely ceased to develop after that time. Bulgaria, to mention another example, abolished – without substitution – its Commercial Code and Act on Private Limited Companies in 1951, dissolved all trading companies and vested in the Ministerial Council the authority to set up companies by the mere approval of their articles of association. In this way, the insurance company Bustrad and the Bulgarian Bank of Foreign Trade were set up in 1961 and 1964 respectively, both of them as public limited companies. Following a number of intermediate steps, of which the State Council's resolution 56/1989 on economic activity deserves special mention, Bulgarian company law was finally recodified in the second part of the commercial code in 1991.

Type
Articles
Information
European Business Organization Law Review (EBOR) , Volume 2 , Issue 1 , March 2001 , pp. 45 - 60
Copyright
Copyright © T.M.C. Asser Press and the Authors 2001

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 See, e.g., Laptev, , “Socialist Enterprises”, in: XVII International Encyclopedia of Comparative Law (1978) ch. 16, pp. 3 et seq.Google Scholar

2 See also Brunner, , “Handelsgesellschaften im Sozialismus?”, in: Westen, , Brunner, and Schroeder, (eds.), Sozialistisches Wirtschaftsrecht zwischen Wandel und Beharrung. Schriftenreihe der Deutschen Gesellschaft für Osteuropakunde Bd. 22 (Berlin 1988) 89, at pp. 98 et seq.Google Scholar

3 On the developments in the People's Republic of Bulgaria, cf., Tadžer, , Kapitalovi tårgovski družestva (Sofia 1994) pp. 24 et seq.Google Scholar

4 See Kalss, , “Gesellschaftsrecht in den Ländern Mittel- und Osteuropas”, ZGR (2000) 819.Google Scholar

5 Law on companies, Narodne novine (hereinafter: N.n.) 1993 no. 111. German translation of the law as amended by the 1993 notice in: Philippe-Novak, et al. (eds.), Kroatisches Gesetz über Handelsgesellschaften (Frankfurt: Institut für Südosteuropa 1995)Google Scholar amendments N.n. 1999 nos. 34 and 121. See also Borić, and Petrović, , Gesellschaftsrecht und Wirtschaftsprivatrecht in Kroatien (Vienna 2000) 247–249.Google Scholar

6 Law on business companies, Uradni list RS 1993 no. 30/1994 no. 29 u.82/1998 no. 20 u. 84/1999 no. 6 u. 54. German translation (as of 1994) in: Brunner, , Schmid, and Westen, (eds.) Wirtschqfisrecht der osteuropäischen Staaten (WOS), Slowenien III 3 aGoogle Scholar. See also Ivanjko, and Jessel-Holst, , “Die Gründung einer Tochtergesellschaft in Slowenien”, in: Lutter, (ed.), Die Gründung einer Tochtergesellschaft im Ausland, 3rd ed., ZGR special issue no. 3 (Berlin/New York 1995) 725Google Scholar; Trstenjak, , “Das Gesellschaftsrecht in Slowenien und seine Harmonisierung mit dem Recht der Europäischen Union”, 42 WGO-MfOR (2000) 183.Google Scholar

7 Law on Commercial Firms, Magyar Közlöny (M.K.) 1997 p. 8477. German translation in: WOS, supra n. 6, Ungarn III 3 a (Art. 294 II abolished by Law no. XXXVIH/1999, M.K. 1999 p. 1901).

8 Law on Enterprises of 19 June 1996, Službeni list SR Jugoslavije 1996 no. 29, Pos. 352. English translation in: Commercial Laws of the World (Ormond Beach USA, rev. in Nov. 1998) Yugoslavia.Google Scholar

9 On the genesis see Đurović, , “’Povezana preduzeća’ kod nas i u svetu” [‘Groups of companies’ in our country and the world], Pravni Život (1996) 71, at pp. 72 et seqGoogle Scholar. See also Vasiljević, , Poslovno pravo (trgovinsko i privredno pravo), 5th ed. (Belgrade 1997) pp. 214–236.Google Scholar

10 Law on companies of 30 May 1996, Služben Vesnik 1996 no. 28, Pos. 55/1997 no. 7/1998 no. 21, 37 u. 63/1999 no. 39 u. 81/2000 no. 37 (Art. 573 abolished by Sl.v. 1999 no. 81). German translation by Schrameyer in: WOS, supra n. 6, Makedonien III 3.

11 Law no. 7638 on Companies of 19 November 1992, Fletorja Zyrtare 1992 p. 409/1995 p. 458, 534, 631 and 1045/1996 p. 596. German translation by Stoppel in: WOS, supra n. 6, Albanien III 3 a.

12 Commercial Code from 1991 (German translation in: Breidenbach, (ed.), Handbuch Wirtschaft und Recht in Osteuropa, CS 300), amended by Sbírka zákonù 2000 no. 100, Pos. 370.Google Scholar

13 Concerning Slovakian law, mention should at least to be made of the fact that it is – with respect to the law on groups of companies – at the same level as the respective Czech law before the adoption of the most recent amendment. Namely, § 66a of the Slovakian Commercial Code (as amended by Law no. 127/1999 Zbierka zákonov) defines controlled and controlling persons whereas § 66b addresses “actions in agreement” (for the details, cf., Ovečková, and Stessl, , die jüngste Novelle des slowakischen Handelsgesetzbuchs, Wirtschaft und Recht in Osteuropa, WiRO (1999) 405 at p. 406).Google Scholar

14 Commercial Code, First and Second Part, D.V. 1991 no. 48 with numerous amendments. German translation (of the law as amended by D.V. 1999 No. 114) in: WOS, supra n. 6, Bulgarien III 4 a.

15 Law no. 31/1990 on companies, Monitorul Oficial (1990) nos. 126-127. German translation in: WOS, supra n. 6, Rumänien III 3 a.

16 Dz.U. 2000 no. 94 pos. 1037. German translation in: Breidenbach (ed.), supra n. 12, PL 350 (forthcoming).

17 See the contribution by Sołtysiński, / Szumanski, in 2 EBOR (2001) No. 2 (forthcoming).Google Scholar

18 Civil Code of the Russian Federation, first part from 1994, SZ RF 1994 no. 32, Pos. 3301. German translation in: WOS, supra n. 6, Russland III 1.

19 Federal Law on private limited companies from 1998, Rossijskaja Gazeta of 17 February 1998. German translation in: WOS, supra n. 6, Russland III 3 d.

20 Federal Law on public limited companies from 1995, SZ RF 1996 no. 1, Pos. 1. German translation in: WOS, supra n. 6, Russland III 3 a.

21 Federal Law on financial and industrial groups from 1995, SZ 1995 no. 49, Pos. 4697. German translation in: WOS, supra n. 6, Russland III 3 k.

22 Službene novine Federacije Bosne i Hercegovine 1995 no. 2, Pos. 23.

23 Službeni list Republike Bosne i Hercegovine 1994 no. 33, Pos. 468.

24 Službeni list Republike Srbske 1998 no. 43. Partial German translation in: Breidenbach (ed.), supra n. 12, BiH 331. Cf., Pürner, , “Bosnien und Herzegowina/Republika Srbska: Gesetzliche Regelungen bezüglich der GmbH”, WiRO (1999) 263.Google Scholar

25 Službene novine 1999 no. 23/2000 No. 45. Partial German translation in: Breidenbach (ed.), supra n. 12, BiH 300. Cf., Pürner, , “Neues Gesellschaftsrecht der Föderation Bosnien-Herzegowina”, Internationales Steuerrecht (1999) 665.Google Scholar

26 Cf., also Brus, , Das slowenische Konzernrecht in seiner Herkunft aus dem deutschen Recht der verbundenen Unternehmen (Diss. Berlin 1999).Google Scholar

27 Cf., Art. 476 Croatian CCL and Art. 463 Slovenian CCL.

28 “The provisions on company groups are observed as something almost exotic and not within the reach of regular application”, quoted from Petrović, , “Legal Regulation of Company Groups. Country Report Croatia”, 2 EBOR (2001) No. 2 (forthcoming)Google Scholar. Similar reservations to the acceptance of the German law on groups have been expressed in Polish scholarly writing. Cf., Sołtysiński/ Szumanski, supra n. 16.

29 Tichy, , “Das neue tschechische Konzernrecht im Vergleich mit der deutschen Regelung und dem Entwurf der sog. 13. EU-Richtlinie”, in: Hopt, , Jessel-Holst, and Pistor, (eds.), Emergence, Behavior, and Regulation of Company Groups in Transition Economies in Legal and Economic Perspective (forthcoming).Google Scholar

30 Cf., also Sołtysiński/ Szumanski, supra n. 16.

31 Loi no. 66-537 sur les sociétés commerciales, 14 July 1966.

32 Cf., Prinz zu Löwenstein, Albanien: Erster Teil des Handelsgesetzbuchs und Gesetz über Handelsgesellschaften, WiRO (1994) 348. See also Boglia, , “The New Albanian Act on Business Associations: Ongoing Legal Reforms in Commercial and Private Law”, Review of Central and East European Law (1994) 657, at pp. 670 et seq.Google Scholar

33 Cf., Đurović, supra n. 9, at p. 72.

34 Arts. 481-508 of the Portugese law on companies; Cf., Liesegang, , Die Europäische Aktiengesellschaft und das Gesellschaftsrecht Portugals (1994) pp. 64–66.Google Scholar

35 With respect to Croatia and its detailed regulation it has been reported that “[n]o major cases dealing with issues of company groups were brought before the Croatian courts” – cf., Petrović, supra n. 28.

36 Cf., Petrović, supra n. 28.

37 Sołysinski/ Szumanski, supra n. 28.

38 Cf., Emmerich, and Sonnenschein, , Konzernrecht, 5th ed. (1993) § 2IV 3, pp. 50 et seq.Google Scholar

39 Cf. Forum Europaeum Corporate Group Law, “Corporate Group Law for Europe”, 1 EBOR (2000) 165, at pp. 181 etseq.Google Scholar

40 Criticized by Petrović, supra n. 28.

41 Sołtysiński/ Szumanski, supra n. 16.

42 See Art. 478 of the Croatian CCL and Art. 465 of the Slovenian CCL.

43 Cf., Loi no. 66-537 sur les sociétés commerciales, 14 July 1966, Arts. 358 et seq.

44 Cf., e.g., Sándor, / Sárközy, , Legal Rules for Corporate Groups in Hungary”, 2 EBOR (2001) No. 2 (forthcoming).Google Scholar

45 Law on take-overs, U.1.RS 1997 no. 47/1999 no. 56 (Arts. 56 II-XI, Arts. 57 and 66 abolished). German translation in: WOS, supra n. 6, Slowenien III 3 b.

46 Law on procedures for take-overs of public limited companies, N.n. 1997 no. 124 Pos. 1806. German translation in: WOS, supra n. 6, Kroatien III 3 b.

47 Cf., Law no. 142/1996 Sb and no. 15/1998 Sb (German translation in: Breidenbach (ed.), supra n. 12, CS 300); amended by Law no. 100/2000 Sb.

48 SZ RF 1996 no. 1, Pos. 1. German translation in: WOS, supra n. 6, Russland III 3 a.

49 Law on public offer of securities, D.V. 1999 no. 114. German translation in: WOS, supra n. 6, Bulgarien VIII 2 a.

50 Dz.U. 1997 no. 118, Arts. 154 et seq. German translation in: Breidenbach (ed.), supra n. 12, PL 520. An amendment is apparently forthcoming.

51 M.K. 1996 S. 6105. German translation in: WOS, supra n. 6, Ungarn VIII 2 a.

52 Inserted by Law no. CXLIV (M.K. 1997 S. 8477); § 94/H para. 2 inserted by Law no. XXX (M.K. 1998 p. 2418).

53 M. Of. I 1994 no. 210.

54 See the criticism by Petrović, supra n. 28, at pp. 20 et seq.

55 Cf., Art. 97 of the Law on Securities, Stock exchanges and Investment Companies from 1995, D.V. 1995 no. 63.

56 Sołtysiński/ Szumanski, supra n. 16, with references to the current discussion.

57 On the state of the law see also Dedič, and Bucková, , “Übernahmerecht und Meldepflicht in Tschechien. Im Blickpunkt: Ein Rechtsvergleich mit der Regelung des Übernahmerechts in der EU und in Österreich”, Recht der internationalen Wirtschaft (1999) 193.Google Scholar

58 Cf., David, “Company Groups in Romania – Current Status and Legal Implications” (with reference to Art. 89 G no. 52/1994) in: Hopt, , Jessel-Holst, and Pistor, (eds.), Emergence, Behavior, and Regulation of Company Groups in Transition Economies in Legal and Economic Perspective (forthcoming).Google Scholar

59 See Sándor/ Sárközy, supra n. 44.

60 See Sándor/ Sárközy, ibid.

61 Ibid.

62 See the criticism by Sándor/ Sárközy, supra n. 44, at p. 10.

63 Sołtysiński/ Szumanski, supra n. 16.

64 Civil Code of the Russian Federation, first section: Sobranie zakonodatel stva RF 1994 no. 32, Pos. 3301. German translation in: WOS, supra n. 6, Russland III 1.

65 Cf., also Heeg, , “Durchgriffshaftung im russischen Recht der Kapitalgesellschaften”, WiRO (2000) 1.Google Scholar

66 See also Geiling, and Babůrková, , Slowakisches Handelsgesetzbuch (Prague, undated)Google Scholar; Žitňanská, , “Jüngste Änderungen im slowakischen Handelsgesetzbuch. Mit einer Übersetzung des Gesetzes No. 11/1998 und unter Mitarbeit von Michaela Stessl”, in: Doral, and Schauer, (eds.), FOWI Arbeitspapier no. 56 (Vienna, as of July 1998) 13, at p. 30.Google Scholar

67 § 1061 of the Slovakian Commercial Code as amended by Law no. 11/1998. See Sparfeld, , “Zur Novelle des slowakischen HGB”, WiRO (1998) 210.Google Scholar