Private international law and companies’ freedom of establishment

European Business Organization Law Review

Volumn 2, Issue 1, 2001, Pages 101-139

  Wouters, Jan ^a  

^a UNIVERSITY OF LEUVEN   (Belgium)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0346803765     PISSN: 15667529     EISSN: 17416205     Source Type: Journal    
DOI: 10.1017/s1566752900000355     Document Type: Article

References (229)

1. Case C-212/97 Centros Ltd v. Erhvervs- og Sehkabsstyrelsen, [1999] ECR1-1459.
2. inter alia, Behrens, "Das Internationale Gesellschaftsrecht nach dem Centros-Urteil des EuGH," Praxis des internationalen Privat- und Verfahrensrechts (1999) 323
3. Borges, "Die Sitztheorie in der Centros-Ara: Vermeintliche Probleme und unvermeidliche Anderungen," Recht der internationalen Wirtschaft (2000) 167
4. Bungert, "Konsequenzen der Centros-Entscheidung des EuGH für die Sitzanknüpfung des deutschen internationalen Gesellschaftsrechts," DerBetrieb (1999) 1841
5. Cabral and Cunha, '"Presumed innocent': companies and the exercise of the right of establishment under Community law," European Law Review (2000) 157
6. Cascante, Recht der internationalen Wirtschaft (1999) pp. 450-451
7. De Kluiver, "De wet formed buitenlandse vennootschappen op de tocht?," Weekblad voor Privaatrecht, Notariaat en Registratie (1999) 527
8. De Wulf, "Brievenbusvennootschappen, vrij vestigingsrecht en werkelijke zetelleer," Vennootschapsrecht & Fiscaliteit (1999) 3
9. "Centros: vrijheid van vestiging zonder race to the bottom," Ondernemingsrecht (1999) 318
10. Freitag, "Der Wettbewerb der Rechtsordnungen im Internationalen Gesellschaftsrecht," Europaisches Zeitschrift für Wirtschaftsrecht (1999) 267
11. Geyrhalter, "Niederlassungsfreiheit contra Sitztheorie-Good Bye 'Daily Mail'?," Europaisches Wirtschafts- und Steuerrecht(1999) 201
12. Hofling, "Die Centros-Entscheidung des EuGH - auf dem Weg zu einer Uberlagerungstheorie fürEuropa," DerBetrieb (1999) 1206
13. "Die Sitztheorie, Centros und der osterreichische OGH," Europaisches Zeitschrift für Wirtschaftsrecht (2000) 145
14. Kieninger, "Niederlassungsfreiheit als Rechtswahlfreiheit," Zeitschrift für Unternehmensrecht (1999) 724
15. Kindler, "Niederlassungsfreiheit für Scheinauslandgesellschaften?," Neue Juristische Wochenschrift (1999) 1993
16. Meilicke, annotation, DerBetrieb (1999) 627
17. Menjucq, annotation, Revue Dalloz (1999) 553
18. Parleani, annotation, Revue des societis (1999) 391
19. Roth, "Gründungstheorie: 1st der Damm gebrochen?," Zeitschrift für Insolvent- und Wirtschaftsrecht (1999) 861
20. Puszkajler, "Luxemburg locuta, causa non finita? Anmerkingen aus der Praxis zu dem Centros-Urteil des EuGH," Praxis des internationalen Privat- und Verfahrensrechts (2000) 79
21. Sandrock, "Centros: ein Etappensieg für die Uberlagerungstheorie," Betriebs-Berater (1999) 1337
22. Sedemund and Hausmann, "Niederlassungsfreiheit contra Sitztheorie - Abschied von Daily Mail?," Betriebs-Berater (1999) 809
23. Sonnenberger and GroBerichter, "Konfliktlinien zwischen internationalem Gesellschaftsrecht und Niederlassungsfreiheit," Recht der internationalen Wirtschaft (1999) 721
24. Steindorff, "Centros und das Recht auf die günstigste Rechtsordnung," Juristenzeitung (1999) 1140
25. Timmermans, annotation, Sociaal-Economische Wetgeving (2000) 221
26. Werlauff, "Using a Foreign Company for Domestic Activities," 10 European Business Law Review (1999) 306
27. Vlas, annotation, Nederlandse Jurisprudence (2000) 338
28. Werlauff, "Auslandische Gesellschaft für inlandische Aktivitat," Zeitschrift für Insolvenz- und Wirtschaftsrecht (1999) 867
29. Wymeersch, "Centros: A Landmark Decision in European Company Law," in: Baums, Hopt and Horn (eds.), Corporations, Capital Markets and Business in the Law. Liber Amicorum Richard M. Buxbaum (London: Kluwer Law International 2000) 629
30. Zimmer, "Mysterium 'Centros'. Von der schwierigen Suche nach der Bedeutung eines Urteils des Europaischen Gerichtshofes," Zeitschrift für das gesamte Handels- und Wirtschaftsrecht (2000) 23. For the impact of Centros on international tax law, see, inter alia, Eilers and Wienands, "Neue steuerliche und gesellschaftsrechtliche Aspekte der Doppelansassigkeit von Kapitalgesellschaften nach der EuGH-Entscheidung vom 9.3.1999," Internationales Steuerrecht (1999) 289
31. Fock, "Sitztheorie im deutschen internationalen Steuerrecht nach der Cen/ros-Entscheidung," Recht der internationalen Wirtschaft (2000) 42
32. Koblenzer, "Die Auswirkungen der "Centros"-Entscheidung des EuGH auf das deutsche Korperschaftsteuerrecht," Europdisches Wirtschafts- und Steuerrecht (2000) 418.
33. Case 81/87 The Queen v. H.M. Treasury and Commissioners of Inland Revenue, exparte Daily Mail and General Trust PLC, [1988] ECR 5483.
34. As is known, on the basis of this provision a treaty was concluded between the six original Member States which, due to the non-ratification by the Netherlands, never entered into force: Convention of 29 February 1968 between the High Contracting Parties to the Treaty establishing the European Economic Community on the mutual recognition of companies and bodies corporate (Bull. EC, Suppl. 2/69). See on this Convention and its flaws, inter alia, Drobnig, "Das EWG-Ubereinkommen über die Anerkennung von Gesellschaften und juristischen Personen" Aktiengesellschaft (1973) 90
35. Goldman, "The Convention between Member States of the European Economic Community on the Mutual Recognition of Companies and Legal Persons," 6 Common Market Law Review (1969) 104
36. Stein, "Conflict-of-Laws Rules by Treaty: Recognition of Companies in a Regional Market," 68 Michigan Law Review (1970) 1327
37. Timmermans, "Het Verdrag van 29 februari 1968 inzake de onderlinge erkenning van vennootschappen en rechtspersonen. Enkele europeesrechtelijke kanttekeningen," in: Mededelingen van de Nederlandse Vereniging voor Internationaal Recht (1980) no. 81, 33
38. Wouters, Het Europese vestigingsrecht voor ondernemingen n. 1, paras. 572-591.
39. Both in Dutch literature and case-law defendants of the siege reel and of the incorporation doctrine could be found, and the Dutch Supreme Court's case-law was not conclusive in this regard: see Rammeloo, "Recognition of Foreign Companies in 'Incorporation' Countries: A Dutch Perspective," in: Wouters and Schneider (eds.), Current Issues of Cross-Border Establishment of Companies in the European Union (Antwerp: Maklu 1995) 47, at pp. 52-53
40. Vlas, Rechtspersonen, 2nd ed. (Deventer: Kluwer 1999) pp. 23-27, paras. 57-63.
41. The lex societatis governs the constitution of the company, its legal and acting capacity, external representation, functioning, issue of securities, relations between the company and its members and organs, duration and dissolution: see, extensively
42. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
43. Kegel, Internationales Privatrecht, 7th ed. (München: Beck 1995) pp. 417-421
44. Loussouarn and Bourel, Droit international prive, 4th ed. (Paris: Dalloz 1993) pp. 658-659, para. 708
45. Mayer, Droit international prive, 4th ed. (Paris: Montchrestien 1991) pp. 616-617, para. 1033
46. Rabel, The Conflict of Laws. A Comparative Study, Vol. n, 2nd ed. (Ann Arbor: Michigan 1960) pp. 69-88
47. Rigaux and Fallon, Droit international prive, Vol. n, 2nd ed. (Brussels: Larcier 1993) pp. 745-756, paras. 1591-1606
48. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
49. Article 7 of the Law of 16 December 1997, the so-called Wet conflictenrecht corporaties (Staatsblad, 699). Article 2 of this law contains the main rule. The law entered into force on 1 January 1998 (Royal Decree of 18 December 1997, Staatsblad, 743).
50. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
51. Article 56 of the new Companies Code (Law of 7 May 1999, Moniteur beige, 6 August 1999), pursuant to which a company the real seat of which is located in Belgium, is governed by Belgian law, even if its act of incorporation has been passed abroad. The new provision is clearer than the old Article 197 of the Co-ordinated Laws on Commercial Companies, which used the term principal etablissement, i.e., principal establishment.
52. See on the previous provision Erauw, Beginselen van internationaalprivaatrecht (Ghent: Story 1985) pp. 256-257
53. Van Hecke and Lenaerts, Internationaal Privaatrecht, 2nd ed. (Ghent: Story 1989) pp. 347-348, paras. 750-752
54. Van Ryn and Heenen, Principes de droit commercial, Vol. II (Brussels: Bruylant 1957) pp. 144-145, paras. 1125-1126.
55. In Germany, the real seat has been used by the courts as a connecting factor since the beginning of the twentieth century, but this has never been laid down in a legislative act: Reichsgericht
56. March 1904, (1904) Juristische Wochenschrift, 231. , for more recent confirmations, inter alia, Bundesgerichtshof, 11 July 1957, Entscheidungen des Bundesgerichtshofes in Zivilsachen 25,134,atp. 144
57. BundesgerichtshoJ," 30January 1970, Entscheidungen des Bundesgerichtshofes in Zivilsachen 53, 181, at p. 183
58. Bundesgerichtshof, 5 November 1980, Entscheidungen des Bundesgerichtshofes in Zivilsachen 78, 318, at p. 334
59. Bundesgerichtshof, 21 March 1986, Entscheidungen des Bundesgerichtshofes in Zivilsachen 97, 269, at p. 271
60. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
61. with a statement of the policy reasons underlying the siege reel theory which will be reproduced below, Bayerisches Oberstes Landesgericht, 1 May 1992, Juristenzeitung (1993) 372 = Recht der International Wirtschaft (1992) 675 = Wertpapier-Mitteilungen (1992) 1371 = Zeitschrift fitr Insolvenz- und Wirtschaftsrecht (1992) 842 = Common Market Law Reports (1993) 801 (English translation). The real seat theory has been multilateralised allseitige Kollisionsnorm: see, e.g., Oberlandesgericht Frankfurt- am-Main, 24 April 1990, Praxis des internationalen Privat- und Verfahrensrechts (1991) 403, annotated by Großfeld and Konig, 379 = Der Betrieb (1990) 1224, annotated by Ebenroth
62. Ebenroth and Eyles, "Die Beteiligung auslandischer Gesellschaften an einer inlandischen Kommanditgesellschaft. Komplementareigenschaft auslandischer Kapitalgesellschaften und europarechtliche Niederlassungsfreiheit," Der Betrieb (1988) Beilage 2, 6
63. Grothe, Die "auslandische Kapitalgesellschaft & Co. " Zulassigkeit grenzüberschreitender Grundtypvermischungen und Anknupfung des Gesellschaftsstatuts unter besonderer Berücksichtigung des Europaischen Gemeinschaftsrechts (Cologne: Heymann 1989) p. 42.
64. Article 1837 Code civil and, for commercial companies, Article 3 Loi N° 66-537 du 24 juillet 1966 sur les societes commerciales. These are unilaterally formulated conflict rules which have been rendered bilateral by the courts: Courde cassation (Ire Ch. civ.), 30 March 1971, II Jurisclasseur Periodique (1972) 17101, annotated by Oppetit = Journal de droit international (1972) 834, annotated by Loussouarn
65. Courde cassation (Ire Ch. civ.), 18April 1972, Revue Critique de Droit International Prive (1972) 672, annotated by Lagarde
66. Cour de cassation (com.)
67. December 1987,11 Jurisclasseur Periodique (1988) 21113, with opinion of Advocate General Montanier. See, with further references, Audit, Droit international prive, 2nd ed. (Paris: Economica 1997) pp. 886-887, para. 1085
68. Batiffol and Lagarde, Droit international prive, 8th ed. (Paris: Librairie gendrale de jurisprudence 1993) pp. 333-337, para. 193.
69. For a recent application, see Cour de cassation (Ire Ch. civ.), 8 December 1998, Revue Critique de Droit International Prive (1999) 284, annotated by Menjucq.
70. Article 25 Legge N° 218 di 30 maggio 1995 (Gazzetta Ufficiale delta Repubblica Italiana, 3 June 1995), which provides as the general rule that legal persons are subject to the law of the state in which incorporation took place, but which adds that Italian law is applicable if the administrative seat or principal activity of these entities is located in Italy. Compare the former Article 2505 Codice civile (repealed by the aforementioned act), which for the applicability of Italian law does not only use the criterion of the real seat (la sede della amministrazione), but also of the principal establishment (I'oggetto principale deU'impresa). See on the old and new conflict- of-law rules, Broggini, "Sulle societa nel diritto internazionale privato," in: Gaja (ed.), La riforma del diritto internazionale privato e processuale. Raccolta in ricordo di Edoardo Vitta (Milan: Giuffre 1994) 283, also published in Rivista di Diritto Internazionale (1992) 30
71. "La nouvelle loi italienne de droit international prive," Schweizerisches Zeitschrifi für Internationales und europüisch.es Recht (1996) 1, at pp. 29-33
72. Stele and Cerina, "La reTorme du droit international prive" en Italie: loi n° 218 du 31 mai 1995," Revue de Droit des Affaires Internationales (1996) 11, at pp. 15-16.
73. Article 159 Loi du 10 aout 1915 concernant les societes commerciales. See Schockweiler, Les conflits de lois et les conflits de juridictions en droit international prive luxembourgeois, 2nd ed., updated by Wiwinius (Luxemburg: Bauler 1996) pp. 139-140, paras. 596-599. , for an application by the courts, Tribunal Luxembourg, 21 April 1971, Pasicrisie Luxembourgeoise (1971) 22, at p. 63.
74. with numerous references to case-law, North and Fawcett (eds.), Cheshire and North's Private International Law, 13th ed. (London: Butterworths 1999) pp. 897-899
75. Dicey and Morris on the Conflict of Laws (Collins (ed.)), Vol. n, 13th ed. (London: Sweet & Maxwell 2000) pp. 1101-1116.
76. Binchy, Irish Conflicts of Law (Butterworth Ireland 1988) p. 484.
77. Nielsen, International privat- og procesret (Copenhagen: Jurist- og Okonomforbundets Forlag 1997) p. 631.
78. Article 10 Greek Civil Code. See, with references to case-law and exceptions based on bilateral treaties, Kozyris, "Conflict of Laws, Nationality, International Jurisdiction and Recognition and Enforcement of Judgments and Awards," in: Kerameus and Kozyris (eds.), Introduction to Greek Law, 2nd ed. (Deventer: Kluwer Law and Taxation 1993) 301, at pp. 307-308.
79. The application of the siege reel doctrine flows from Article 28 Codigo civil, Article 15 Codigo de comercio and from Article 5 Ley de sociedades andnimas (the same provision applies to private limited companies pursuant to Article 4 of the Law of 17 July 1953). See, also in the light of EU law, Blanco Fernandez, "La nacionalidad de la sociedad en la Ley de Sociedades An6nimas," Revista de Derecho Mercantil (1992) 245.
80. Article 3 Codigo das Sociedades Commerciais, introduced by Law Decree no. 262/86 of 2 September 1986. Jayme, "Neues Gesellschaftsrecht in Portugal - Internationales Privatrecht und Fremdenrecht," Praxis des internationalen Privat- und Verfahrensrechts (1987) 46.
81. § 10 Bundesgesetz vom 15. Juni 1978 über das Internationale Privatrecht (IPR-Gesetz), Bundesgesetzblatt, no. 304/1978. Schwind, Internationales Privatrecht. Lehr- und Handbuchfur Theorie und Praxis (Vienna: Manz 1990) pp. 104-105, paras. 220-221.
82. This appears, for example, from the commentary to the bill of the Finnish government for the implementation of the Lugano Treaty: "Hallituksen esitys Eduskunnalle tuomioistiuimen toimivaltaa seka tuomioiden taytantoonpanoa yksityisoikeuden alalla koskevan yleissopimuksen ja sühen lütyvien poytakirjojen eraiden maaraysten hyvaksymisesta," HE 177/1992, p. 50 (commentary to Article 53(1) of the treaty).
83. Bogdan, Svensk internationell privat- och processrütt, 4th ed. (Stockholm: Liber Malmo 1992) p. 141
84. Eek, The Swedish Conflict of Laws (The Hague: Nijhoff 1965) pp. 60-62.
85. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
86. Indeed, it is only in the latter hypothesis that the problem of continuity of the legal personality depends on the host state. This is still the prevailing view in Germany: see Bundesgerichtshof
87. Sack, "Auswirkungen der Art. 52, 58 EWGV auf das internationale Gesellschaftsrecht," Juristische Schulung (1990) 352, at p. 353
88. Schnichels, Reichweite der Niederlassungsfreiheit. Dargestellt am Beispiel des deutschen Internationalen Gesellschaftsrechts (Baden-Baden: Nomos 1995) pp. 149-150
89. Eyles, Das Niederlassungsrecht der Kapitalgesellschaften in der Europdischen Gemeinschaft (Baden-Baden: Nomos 1990) p. 313
90. Roth, "Der EinfluB des Europaischen Gemeinschaftsrechts auf das Internationale Privatrecht," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1991) 623, at pp. 648-649
91. This has been rightly observed by Roth, "Die Freiheiten des EG-Vertrages und das nationale Privatrecht," Zeitschriftfur Europdisches Privatrecht (1994) 5, at p. 20, who criticises the neglect of this point by.
92. Schmidt, "Grenzüberschreitende Sitzverlegung innerhalb der EG," Deutsche Zeitschrift für Wirtschaftsrecht (1992) 448, at p. 449.
93. inter alia, Brood, De vestigingsplaats van vennootschappen. Enige privaatrechtelijke en fiscaalrechtelijke aspecten (Deventer: Kluwer 1989) pp. 20-21
94. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
95. The opinion of Advocate General Dumon to the Lamot judgment of the Belgian Courde cassation, Rechtskundig Weekblad (1965-66) 883.
96. Bayerisches Oberstes Landesgericht, 7 May 1992, Common Market Law Reports (1993) 801, at p. 804.
97. for the Netherlands, Van der Heijden and Grinten, Handboek voor de naamloze en de besloten vennootschap, 12th ed. (Zwolle: Tjeenk Willink 1992) p. 101, para. 80
98. Van der Grinten and Maeijer, Vertegenwoordiging en rechtspersoon. De rechtspersoon, 7th ed. (Zwolle: Tjeenk Willink) p. 54, para. 57. Both under UK and Irish law an important distinction applies between "domicile" (or "domicil") and "residence" of a company. The first-mentioned element serves as a connecting factor to establish the lex societatis; the second mainly as connecting factor for tax purposes.
99. Dicey and Morris on the Conflict of Laws (Collins (ed.)), Vol. n, 13th ed. (London: Sweet & Maxwell 2000) pp. 1101-1116.
100. inter alia, Feliciano, "Legal problems of private international business enterprises: an introduction to the international law of private business associations and economic development," II Recueil des Cours de I 'Academie de droit international de la Haye (1966) 209, at p. 281
101. Wiedemann, "Internationales Gesellschaftsrecht," in: Internationales Privatrecht und Rechtsvergleichung im Ausgang des 20. Jahrhunderts. Bewahrung oder Wende ? Festschrift für Gerhard Kegel (Frankfurt: Metzner 1977) 187, at p. 196.
102. Fredericq, "De onderlinge erkenning van vennootschappen en rechtspersonen in de Europese Economische Gemeenschap," in: Recht in beweging. Opstellen aangeboden aan Prof. Mr. RidderRene Victor, Vol. II (Antwerp: Kluwer 1973) 501, at pp. 502-503 and pp. 508-509.
103. Also the thorough discussion of these advantages with
104. Grasmann, System des internationalen Gesellschaftsrechts. Aufien- un Innenstatut der Gesellschaften im Internationalen Privatrecht (Berlin: Herne 1970) pp. 272-286, paras. 470-506.
105. inter alia, Ebenroth, "Nach Art. 10. Handels- und Gesellschaftsrecht," in: Munchener Kommentar zum Burgerlichen Gesetzbuch, Vol. VH, 2nd ed. (Munchen: Beck 1990) pp. 464-466, paras. 146-149
106. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
107. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
108. inter alia, for the phenomenon of "pseudo-foreign corporations" and the actions taken against it by certain states of the US, Latty, "Pseudo-Foreign Corporations," 65 Yale Law Journal (1955) 137
109. Kaplan, "Foreign Corporations and Local Corporate Policy," 21 Vanderbilt Law Review (1968) 433
110. Block Baraf, "The Foreign Corporation - A Problem in Choice-of-Law Doctrine,"
111. Brooklyn Law Review (1967) 219.
112. Especially the critique of the incorporation theory by a number of German authors: Ebke, "Die 'auslandische Kapitalgesellschaft & Co. KG' und das europaische Gemeinschaftsrecht," Zeitschrift für Unternehmensrecht (1987) 249
113. Grobfeld, "Die Entwicklung der Anerkennungstheorien im internationalen Gesellschaftsrecht," in: Hefermehl et al. (eds.), Festschrift für Harry Westermann zum 65. Geburtstag (Karlsruhe: Muller 1974) 199, at p. 202
114. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
115. By way of illustration reference can be made to a colloquium report by Demogue in 1910, who at that time already spoke of "un debat ancien": "Du changement de nationality des socie'te's," in: Documents du Congres Juridique International des societes par actions et des societes cooperatives. Vol. I (Leuven: Van Linthout 1910) 21, at p. 22.
116. inter alia, Sandrock, "Die Multinational Korporationen im internationalen Privatrecht," in: Internationalrechtliche Probleme multinationaler Korporationen, Berichte der Deutschen Gesellschaft für Volkerrecht, Heft 18 (Karlsruhe: Müller 1978) 169
117. "Die Konkretisierung der Uberlagerungstheorie in einigen zentralen Einzelfragen. Ein Beitrag zum internationalen Gesellschaftsrecht," in: Festschrift für G. Beitzke zum 70. Geburtstag (Berlin: De Gruyter 1979) 669
118. "Sitztheorie, Uberlagerungstheorie und der EWG-Vertrag: Wasser, 01 undFeuer," Recht der internationalen Wirtschaft (1989) 505, at pp. 512-513.
119. more recently for instance the "Kombinationslehre" of Zimmer, Internationales Gesellschaftsrecht. Das Kollisionsrecht der Gesellschafien und sein Verhdltnis zum Internationalen Kapitalmarktrecht und zum Internationalen Unternehmensrecht (Heidelberg: Recht und Wirtschaft 1996) p. 232.
120. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
121. respectively, Articles 67, para. 2 (societe anonyme) and Article 199 (societe de personnes a responsabilite limitee) Loi du 10 aout 1915 concernant les societes commerciales.
122. especially Behrens, "Niederlassungsfreiheit und Internationales Gesellschaftsrecht," Rabels Zeitschriftfur Ausldndisches und Internationales Privatrecht (1988) 498, at pp. 512-517
123. "Die GmbH im internationalen Recht," in: Ulmer (ed.), Hachenburg. Gesetz betrejfend die Gesellschaften mit beschrdnkter Haftung (GmbHG). Grqfikommentar, 8th ed. (Berlin: De Gruyter 1992) 52, paras. 126-128
124. Drobnig, "Kritische Bemerkungen zum Vorentwurf eines EWG-Ubereinkommens über die Anerkennung von Gesellschaften," Zeitchrift für das Gesamte Handels- und Wirtschaftsrecht (1967) 93, at p. 115 and p. 119
125. Koppensteiner, Internationale Unternehmen im deutschen Gesellschaftsrecht (Frankfurt: Athenaeum 1971) p. 105 and pp. 121 et seq.
126. Neuhaus, Die Grundbegriffe des internationalen Privatrechts, 2nd ed. (Tubingen: Mohr 1976) p. 207
127. Neumayer, "Betrachtungen zum internationalen Konzernrecht," Zeitschrift für vergleichende Rechtswissenschaft (1984) 129, at pp. 137 et seq.
128. See already Beitzke, Juristische Personen im Internationalprivatrecht und Fremdenrecht (München: Beck 1938) pp. 92-99.
129. With regard to seat transfers, the idea has been suggested by Behrens, "Identitatswahrende Sitzverlegung einer Kapitalgesellschaft von Luxemburg in die Bundesrepublik Deutschland," Praxis des internationalen Privat- und Verfahrensrechts (1986) 590, at p. 593
130. with regard to seat transfers and mergers, it has been further elaborated by Großfeld and Jasper, "Identitatswahrende Sitzverlegung und Fusion von Kapitalgesellschaften in die Bundesrepublik Deutschland," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1989) 52.
131. Pending Case C-208/00 Uberseering BV v. NCC Nordic Construction Company Baumanagement GmbH (preliminary reference order of 30 March 2000).
132. Pending Case C-86/00 Firma HSB-Wohnbau GmbH (preliminary reference order of 3 March 2000).
133. See on this judgment, the preliminary reference order of the Bundesgerichtshof and the preliminary reference order of the Amtsgericht of Heidelberg, Behrens, "Reaktionen mitgliedstaatlicher Gerichte auf das Centros-Urteil des EuGH," Praxis des internationalen Privat- und Verfahrensrechts (2000) 384.
134. for a number of illustrations, Cohen Enriquez, "Nederlandse ondernemingen in de vorm van buitenlandse rechtspersonen," Tijdschrift voor Vennootschappen, Verenigingen en Stichtingen (1982) 265
135. Roelvink, "Misbruik van buitenlandse rechtspersonen," in: De nieuwe misbruikwetgeving (Deventer: Kluwer 1986) 83, at p. 84
136. Siemer and Helmig, "Een onderzoek naar de omvang van fraude door keuze van een buitenlandse rechtspersoon," Tijdschrift voor Vennootschappen, Verenigingen en Stichtingen (1987) 41. In the words of Struycken, "Les consequences de 1'integration europeenne sur le deVeloppement du droit international prive'," I Recueil des Cours de VAcademie de droit international de la Haye (1992) 257, at p. 360: "La doc trine neerlandaise du siege statutaire est toujours une vache sacree, mais un peu moins sacree qu' auparavant, sous la pression du phenomene de societes de statut etranger douteuses et qui etablissent leur siege reel aux Pays-Bas."
137. Cohen Enriquez, "Misbruik van buitenlandse vennootschappen," Weekbladvoor Privaatrecht, NotariaatenRegistratie (1982) 213, at p. 215.
138. Vlas, "Methoden ter bestrijding van misbruik van buitenlandse rechtspersonen in Nederland," Weekblad voor Privaatrecht, Notariaat en Registratie (1984) 601, at p. 606
139. See also, for the possibility to complement the incorporation theory with priority rules vis-a-vis non-EU companies, Van den Braak and Huiskes, "De Delaware- constructie onder vuur?," Nederlands Juristenblad (1992) 1165, at p. 1169.
140. Staatsblad, 697. The Law is largely in line with a preliminary draft concerning this issue which the Adviescommissie Vennootschapsrecht (Advisory Committee on Company Law) drew up in 1992. This preliminary draft formed part of an advisory opinion of said committee of 29 October 1992 "on private international law relating to legal persons," which was published in Staatscourant, 23 November 1992, no. 227, 6-8. on this advisory opinion especially Bellingwout, "Het euvel van de puur formeel buitenlandse rechtspersonen. Enige kanttekeningen bij het advies van de Commissie Vennootschapsrecht d.d. 29 oktober 1992," Weekblad voor Privaatrecht, Notariaat en Registratie (1993) 680, who criticises the proposals as creating legal uncertainty and going into "overkill"
141. Uniken Venema, "Pseudo-buitenlandse vennootschappen in Nederland een advies van de Adviescommissie Vennootschapsrecht," Naamloze Vennootschap (1992) 266
142. Vlas, "Paal en perk aan 'puur formeel buitenlandse kapitaalvennootschappen'," Tijdschrift voor Vennootschappen, Verenigingen en Stichtingen (1993) 57
143. "The fight against pseudo foreign corporations in the Netherlands," in: Boele-Woelki, Grosheide, Hondius and Steenhoff (eds.), Comparability and Evaluation. Essays on comparative law, private international law and international commercial arbitration in Honour ofDimitra Kokkini-Iatridou (Dordrecht: Nijhoff 1994) 307, who strongly opposes the criticism of Bellingwout.
144. Grothe, Die "auslandische Kapitalgesellschaft & Co." Zuldssigkeit grenzüberschreitender Grundtypvermischungen und Anknüpfung des Gesellschaftsstatuts unter besonderer Berücksichtigung des Europdischen Gemeinschaftsrechts (Cologne: Heymann 1987) pp. 77 et seq. and pp. 164 et seq.
145. Niessen, "Niederlassungsrecht von Gesellschaften nach den Regeln des europaischen Gemeinschaftsrechts," Neue Juristische Wochenschrift (1986) 1408
146. Von Bar, Internationales Privatrecht, Vol. I (München: Beck 1987) p. 158, para. 170
147. The doubts expressed concerning the compatibility of the real seat theory with the freedom of establishment by Bayerische Oberstes Landesgericht, 18 September 1986 (Landshuter Druckhaus III case), Wertpapier-Mitteilungen (1986) 1557.
148. "Die Europaische Rechtsangleichung im Gesellschaftsrecht," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1984) 1, at p. 39.
149. Drobnig, "Gemeinschaftsrecht und internationales Gesellschaftsrecht. 'Daily Mail' und die Folgen," in: Von Bar (ed.), Europdisches Gemeinschaftsrecht und Internationales Privatrecht (Cologne: Heymann 1990) 185, at pp. 193-196.
150. Behrens, "Die Umstrukturierung von Unternehmen durch Sitzverlegung oder Fusion über die Grenze im Licht der Niederlassungsfreiheit im Europaischen Binnenmarkt (Art. 52 und 58 EWGV)," Zeitschrift für Unternehmensrecht (1994) 1, at p. 17.
151. Roth, "Der EinfluB des Europaischen Gemeinschaftsrechts auf das Internationale Privatrecht," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1991) 623, at pp. 648-649
152. Kreuzer, "Die Europaisierung des Internationalen Privatrechts - Vorgaben des Gemeinschaftsrechts," in: Müller-Graff (ed.), Gemeinsames Privatrecht in der Europdischen Gemeinschaft (Baden-Baden: Nomos 1993) 373, at p. 423
153. Sonnenberger, "Europarecht und Internationales Privatrecht," Zeitschriftfür vergleichende Rechtswissenschaft (1996) 3, at p. 20.
154. Daily Mail, paia. 21.
155. Daily Mail, para. 23.
156. The same applies for companies from an EFT A country pursuant to Article 34 of the Agreement on the European Economic Area.
157. as far as recognition is concerned, Van den Braak, "Het Centros-arrest en het Nederlandse internationaal privaatrecht betreffende vennootschappen," Weekblad voor Privaatrecht, Notariaat en Registratie (2000) 347, at p. 350.
158. With the important caveat that, during the negotiations which led to the EEC Treaty, Member States such as France made this choice subject to a political quid pro quo, namely the harmonisation of company law: see, with further references, Wouters, "European Company Law: Quo VadisT, 37 Common Market Law Review (2000) 257, at p. 269.
159. For this reason, it is submitted that Centros does not contain fundamental new developments for the issue of intra-Community seat transfers as compared to the impact which Article 43 EC already had on this matter pursuant to the Court's previous case-law
160. With a discussion of the points of view of Basedow, Wolf and Von Wilmowsky, Wouters, "Conflict of Laws and the Single Market for Financial Services," 4 Maastricht Journal of European and Comparative Law (1997) 161, at pp. 284-288.
161. Case C-340/89 Vlassopoulou v. Land Baden-Wurttemberg, [1991] ECR 1-2357
162. In the latter paragraph the Court confirms that its Vlassopoulou case-law is "merely the expression in individual cases of a principle which is inherent in the fundamental freedoms of the Treaty".
163. recently, inter alia, Case C-120/95 Decker v. Caisse de maladie des employes prives, [1998] ECR 1-1831, para. 23 (social security)
164. Case C-264/96 Imperial Chemical Industries v. Kenneth Hall Colmer (Her Majesty's Inspector of Taxes), [1998] ECR 1-4695, para. 19 (direct taxes)
165. Case C-274/96 Bickel and Franz, [1998] ECR 1-7637, para. 17 (criminal law and criminal procedure).
166. Case 79/85 Segers v. Bestuur van de Bedrijfsvereniging voorBank- en Verzekeringswezen, Groothandel en Vrije Beroepen, [1986] ECR 2375.
167. The advice and report of the Council of State to the proposed "Formally Foreign Companies Law," Tweede Kamer 1994-95, no. 24.139/2, in particular on p. 5 (addition between brackets by the author).
168. Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (OJ (1978) L 378,47, as amended).
169. For the point of view that the EC Treaty's freedoms are in essence indifferent vis-a-vis national conflict rules, the analysis (which concentrates on the free movement of goods) of Duintjer Tebbens, "Les conflits de lois en matiere de publicity ddloyale a l'e"preuve du droit communautaire," Revue Critique de Droit International Prive (1994) 451, at pp. 476-478
170. Kohler, "La Cour de justice des Communaute's europe"ennes et le droit international prive"," communication of 25 March 1994 for the Comite frangais de droit international prive, Travaux du Comite francais de droit international prive (1993) 75.
171. Case C-165/91 Van Munster v. Rijksdienst voor Pensioenen, [ 1994] ECR1-4661, para. 34 and point 2 of the operative part
172. Case 157/86 Murphy and Others v. An Bord Telecom Eireann, [1988] ECR 673, para. 11.
173. already, concerning the obligation to interpret national law in conformity with the EC Treaty in a situation in which the Treaty provisions do not operate directly, Steindorff, "Dienstleistungsfreiheit und Versicherungswirtschaft - Zugleich ein Beitrag zur Direktwirkung des europaischen Gemeinschaftsrechts," Zeitschrift für das Gesamte Handels- und Wirtschaftsrecht (1975) 249, at p. 255.
174. Van Munster, paras. 32-33. also in this sense Behrens, "Sind Gesellschaften Niederlassungsberechtigte minderen Rechts?," Europdisches Zeitschrift für Wirtschaftsrecht (1991)97.
175. Zweigert, "Einige Auswirkungen des Gemeinsamen Marktes auf das Internationale Privatrecht der Mitgliedstaaten," in: Von Caemmerer, Schlochauer and Steindorff (eds.), Probleme des Europdischen Rechts. Festschrift für Walter Hallstein zu seinem 65. Geburtstag (Frankfurt-am-Main: Klostermann 1966) 555, at p. 567.
176. Tribunal de commerce Brussels, 4 February 1938, Journal des tribunaux (1939) 173.
177. Cour d'appel Paris, 21 December 1962 (Labadie/Royal Dutch case), I Gazette du Palais (1963) 99, with opinion of Advocate-General Desangles = II Jurisclasseur Periodique (1963) no. 13447, annotated by Mazeaud = Journal de droit international (1963) 424, annotated by Bredin = Revue trimestrielle de droit commercial (1963) 956, annotated by Loussouarn.
178. The case concerned a procedure which a French shareholder had started against the Koninklijke Nederlandsche Petroleum Maatschappij (Royal Dutch Petroleum Company, Royal Dutch for short). The Netherlands had introduced a verification procedure for the reparation of legal relations by means of Royal Decree no. E 100 of 17 September 1944. Pursuant to this Royal Decree all securities of Dutch companies had to be notified within a certain period of time to the Ministry of Finance in order to verify them. Non-notification within that period (which was extended various times) caused the lapse of the rights and the transfer of the security to the Dutch State. The Cour d'appel deemed the latter rules to be an infringement of Article 545 Code civil and therefore "essentiellement contraires a Vordre public frangais". It held that the applicant continued to be a shareholder and that he could exercise all the rights attached to this capacity, and condemned Royal Dutch, on penalty of damages imposed on a daily basis in case of non-compliance, to the immediate delivery of new shares and the granting of boni, subscription rights and dividends. 95 Cour de cassation (Ire Ch. civ.), 25 January 1966 (Labadie/Royal Dutch case), Revue Dalloz (1966) 390, annotated by Loussouarn = Journal de droit international (1966) 631, annotated by Bredin = Revue critique de droit international prive (1966) 238, annotated by Francescakis. In this judgment the Cour de cassation held that the Dutch rules in question did not violate the French ordre public. From the point of view of international company law, a more interesting judgment is Cour de cassation (Ire Ch. civ.), 17 October 1972 (Audouze/Royal Dutch case), Revue critique de droit international prive (1973) 520, annotated by Batiffol. The case concerned the question of the applicability of Dutch law to bearer securities which were located in France. The Cour de cassation held that the question under which conditions the capacity of shareholder is acquired, maintained and lost, is governed by the lex societatis, i.e., in this case, by Dutch law.
179. Case 15/78 Koestler v. Generate Alsacienne de Banque, [1978] ECR 1971.
180. [1978] ECR, at pp. 1987-1988 (number of the Treaty provision adapted by the author).
181. Samtleben, "Das internationale Privatrecht der Borsentermingeschafte und der EWG-Vertrag - Zum Urteil des europaischen Gerichtshofs vom 24.10.1978," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1981) 218, at p. 245.
182. Steindorff, "Europaisches Gemeinschaftsrecht und deutsches Internationales Privatrecht," Europarecht (1981) 426, at p. 433 and p. 439.
183. In this contribution Steindorff already notices the transition in the case-law of the Court of Justice to a broader reading of Article 49 EC and he notes the importance of this development for national conflict-of-law rules.
184. Fletcher, Conflicts of Laws and European Community Law. With special reference to the Community Conventions on private international law (Amsterdam: North-Holland Publishing Company 1982) p. 50.
185. Brodermann, "Europaisches Gemeinschaftsrecht versus IPR: Einflüsse und Konformitatsgebot," Monatschrift für Deutsches Recht (1992) 89, at p. 90
186. "Das Europaische Gemeinschaftsrecht als Quelle und Schranke des Internationalen Privatrechts (Primarrecht, Verordnungen, Richterrecht)," in: Europaisches Gemeinschaftsrecht und Internationales Privatrecht (Tubingen: Mohr 1994) 3, at pp. 212 et seq.
187. Sonnenberger, "Einleitung," in: Munchener Kommentar zum Burgerlichen Gesetzbuch, Vol. VII, at p. 45, para. 110.
188. De Page and Van de Walle de Ghelcke, "Les personnes morales e'trangeres et l'ordre public international beige," Revue pratique des societes (1979) 1, at pp. 16-17
189. The well-established case-law of the Belgian Courde cassation, e.g., in its judgment of 24 March 1960,1 Pasicrisie (1960) 860.
190. Oberlandesgericht Hamburg, 21 January 1987, Recht der internationalen Wirtschaft (1988) 816.
191. At the time of the judgment of the Oberlandesgericht this was Article 30 EinfUhrungsgesetz zum BUrgerlichen Gesetzbuch; at present, this is Article 6 of that Law which, in spite of its different wording, fulfils the same function and incorporates at the same time Article
192. of the Rome Convention on the Law Applicable to Contractual Obligations: Sonnenberger, "Article 6," in: MUnchener Kommentar zum BUrgerlichen Gesetzbuch, Vol. VII, at p. 314, para. 1. Both under the old and the new version of the ordre public exception a foreign rule may not be applied if the result thereof would go against public morals or the objective of a German law
193. Compare Joined Cases C-358/93 and C-416/93 Bordessa and Others, [1995] ECR1-361, para. 21, in which the Court accepts that Member States may take measures restricting the free movement of capital in order "to prevent illegal activities (.) such as money laundering, drug trafficking or terrorism".
194. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
195. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
196. Van Ommeslaghe, "Communication," in: Colloque international sur le droit international prive des groupes de societes, Etudes suisses de droit europe'en (Geneva: Georg 1973) 54, at p. 57.
197. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
198. Einsele, "Kollisionsrechtliche Behandlung des Rechts verbundener Unternehmen," Zeitschrift für Unternehmensrecht (1996) 40.
199. Against non-recognition of a control contract governed by the law of another EU Member State since this would amount to a violation of Article 12 EC
200. Emmerich and Sonnenschein, Konzernrecht, 5th ed. (München: Beck 1993) p. 170.
201. Courde cassation, 13 January 1978, Arresten van hetHofvan Cassatie (1978) 568, annotated by A.T.
202. Gesetz über die Mitbestimmung der Arbeitnehmer vom 4. Mai 1976 (I Bundesgesetzblatt 1153).
203. Großfeld,sw/?ra n. 6, at pp. 131-132, para. 550.
204. Schmidt-Hermesdorf, "Internationale Personengesellschaft im internationalen Arbeitsrecht. Gestaltungsform zur Vermeidung deutschen Mitbestimmungsrechts?," Recht der internationalen Wirtschaft (1988) 938, at p. 944.
205. This obligation to engage in an examination of each individual case has also been stressed by the Court of Justice in Case C-28/95 Leur-Bloem v. Inspecteur der Belastingsdienst/Ondernemingen Amsterdam 2, [ 1997] ECR1-4161, para. 41. In para. 44 of this judgment, the Court makes clear that a general presumption of fraud or evasion of the law would be disproportionate. Such a general presumption would a fortiori be disproportionate when it seriously affects the exercise of a fundamental Treaty freedom: judgment of 26 September 2000 in Case C-478/98, Commission v. Belgium, not yet published in the ECR, para. 45.
206. Von Bar, Internationales Privatrecht, Vol. I (München: Beck 1987) p. 158, para. 170
207. For a (failed) attempt of the Dutch Public Prosecutor, Rechtbank Amsterdam, 6 April 1982, Weekblad voor Privaatrecht, Notariaat en Registratie (1985)817, with discussion by Vlas.
208. Vlas, Rechtspersonen in het internationaal privaatrecht (Deventer: Kluwer 1982) pp. 103-141.
209. Bundesgerichtshof, 21 March 1986, Entscheidungen des Bundesgerichtshofes in Zivilsachen 97, 269
210. Bayerisches Oberstes Landesgericht, 18 July 1985, Aktiengesellschaft (1986) 45, at p. 47
211. Kammergericht, 13 June 1989, Neue Juristische Wochenschrift (1989) 3100.
212. Oberlandesgericht Hamburg, 20 February 1986, Neue Juristische Wochenschrift (1986) 2199.
213. Landgericht Stuttgart, 31 July 1989, Praxis des internationalen Privat- und Verfahrensrechts (1991) 118, applies this judgment obediently.
214. Roth, "Der EinfluB des Europaischen Gemeinschaftsrechts auf das Internationale Privatrecht," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1991) 623, at pp. 648-649
215. Knobbe-Keuk, "Umzug von Gesellschaften in Europa," Zeitschrift für das Gesamte Handels- und Wirtschaftsrecht (1990) 325, at pp. 327-328
216. Großfeld, "Internationales Gesellschaftsrecht," in: J. Von Staudingers Kommentar turn Bürgerlichen Gesetzbuch mit Einfuhrungsgesetz und Nebengesetzen (Berlin: de Gruyter 1998) 68, paras. 239-389
217. Implicitly, Centros, para. 35. also Case C-222/97 Trummer and Mayer, [1999] ECR1-1661, para. 30.
218. Oberlandesgericht Nürnberg, 7 June 1984, Praxis des internationalen Privat- und Verfahrensrechts (1985) 342, as annotated by Rehbinder, "Sitzverlegung ins Inland und Rechtsfahigkeit auslandischer juristischer Personen,"
219. Second Council Directive 77/91/EEC of 13 December 1976 concerning the formation of public limited companies and the maintenance and alteration of their capital (OJ (1977) L 26, 1, as amended).
220. already Case 279/80 Webb, [1981] ECR 3305, para. 19.
221. Already the proposal in this sense of Beitzke, "Kollisionsrecht von Gesellschaften und juristischen Personen," in: Lauterbach (ed.), Vorschlage und Gutachten zur Reform des deutschen internationalen Personen- und Sachenrechts (Tubingen: Mohr 1972) 94, at p. 118: "Nimmt eine juristische Person auslandischen Rechts ihren Sitz im Inland, so sollte ihr vom zustdndigen Registergericht oder einer sonstigen Stelle eine Frist zur Umorganisation nach inlündischem Recht gegeben werden und der Wegfall der Anerkennung erst nach dieser Frist eintreten" [If a legal person established under foreign law moves its seat inside the country, then it should be allowed time for its conversion to becoming established under domestic law by the competent registration court or another competent authority. The loss of recognition should only take effect after the expiration of this period].
222. Articles 2 to 6 of the First Company Law Directive, i.e., Council Directive 68/151/EEC of 9 March 1968 (OJ (1968) L 65, 8, as amended) and Articles 2 to 3 of the Second Company Law Directive.
223. Behrens, "Identitatswahrende Sitzverlegung einer Kapitalgesellschaft von Luxemburg in die Bundesrepublik Deutschland," Recht der internationalen Wirtschaft (1986) 590
224. Id., Europdisches Zeitschrift für Wirtschaftsrecht (1991) 97
225. Roth, "Niederlassungs- und Dienstleistungsfreiheit," in: Dauses (ed.), Handbuch des EG-Wirtschaftsrechts (München: Beck 1994) E.I., pp. 28-29, para. 92
226. Reindl, "Companies in the European Community: are the conflict-of-law rules ready for 1992?," 11 Michigan Journal of International Law (1990) 1270, at p. 1290
227. Roth, "Der EinfluB des Europaischen Gemeinschaftsrechts auf das Internationale Privatrecht," Rabels Zeitschrift für Ausldndisches und Internationales Privatrecht (1991) 623, at pp. 648-649
228. Großfeld and Konig, "Das Internationale Gesellschaftsrecht in der Europaischen Gemeinschaft," Recht der internationalen Wirtschaft (1992) 433, at p. 437.
229. More recently, similar questions have been referred to the Court by the Landesgericht Salzburg: see pending Case C-447/00 Holto Limited.