Marcel GrommDie übertragende Auflösung nach Aktien- und GmbH-Recht

About this book deutschenglish

The dissolution of a company by way of asset deal with the majority shareholder (die übertragende Auflösung) allows, like a squeeze-out (in the United States better known as "freeze-out") in accordance with sec. 327 a et seq. German Stock Corporation Act, the exclusion of minority shareholders from the company. This non-regulated squeeze-out method, however, offers a decisive advantage. Using this method, minority shareholders with more than 5 % resp. 10 % of the share capital can be excluded. Legal limitations are, so far, only determined by the required majorities for shareholder resolutions and the constitutionally protected interests of the minority shareholders in the maintenance of their shareholdings.

The book considers the dissolution by way of asset deal with the majority shareholder from all relevant legal perspectives. It allows the reader to assess whether this alternative squeeze-out method is a practical solution for its particular case on the one hand and how to safeguard the rights of the minority shareholders on the other. Particular emphasized is given to the principal avenue of redress open for the minority shareholders, namely challenging the relevant shareholder resolutions in court, procedure to verify the adequacy of the compensation given to the minority shareholders for their squeeze-out and pursuing damages claims.

The book also focuses on the squeeze-out by way of dissolution of a company in the legal form of a limited liability company (GmbH). Although the first published decision of the German Federal Court of Justice relates to the dissolution of a GmbH by way of asset deal with the majority shareholder, there is a paucity of legal academic literature in this field. This work provides a welcome analyses to this fascinating legal field.

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