The Protection of Creditors of a European Private Company (SPE)

23 Pages Posted: 10 Apr 2011

See all articles by Mathias Siems

Mathias Siems

European University Institute (EUI); Durham University; European Corporate Governance Institute (ECGI)

Leif Herzog

CMS Hasche Sigle

Erik Rosenhäger

Linklaters

Date Written: April 7, 2011

Abstract

Soon we can expect a new type of company: the European Private Company (Societas Privata Europaea – SPE) aimed at small and medium-sized enterprises in the EU. In this article, we analyse how creditors of future SPEs will be protected. In the first part, we identify on a general level how creditors can be protected. Then, we turn to the tools used in the different draft versions of an SPE statute (Commission Draft, EP Draft, Presidency Compromise). As these do not cover all aspects of creditor protection, the next part examines how these gaps ought to be filled. Subsequently, we discuss whether, from a normative perspective, creditor protection in the EU should be further harmonised. Overall, we conclude that what emerges is a mixed picture between various levels of European and national rules. This may not be ideal but it may be the price worth paying in order to reach political agreement on SPE law.

Keywords: European Private Company, Societas Privata Europaea, Creditor Protection, Regulatory Competition

JEL Classification: G30, G33, G38, K00, K22, K33

Suggested Citation

Siems, Mathias and Herzog, Leif and Rosenhäger, Erik, The Protection of Creditors of a European Private Company (SPE) (April 7, 2011). European Business Organization Law Review, Vol. 12, pp. 147-172, 2011. Available at SSRN: https://ssrn.com/abstract=1805230

Mathias Siems (Contact Author)

European University Institute (EUI) ( email )

Via Bolognese 156 (Villa Salviati)
Firenze, 50139
Italy

HOME PAGE: http://www.eui.eu/siems

Durham University ( email )

Stockton Road
Durham, County Durham DH1 3LE
United Kingdom

HOME PAGE: http://www.dur.ac.uk/mathias.siems

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Leif Herzog

CMS Hasche Sigle ( email )

Germany

Erik Rosenhäger

Linklaters ( email )

United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
429
Abstract Views
2,433
rank
72,080
PlumX Metrics