Company Purpose in the Context of Business Sustainability and Insolvency Proceedings

IF 0.5 Q3 LAW European Company Law Pub Date : 2021-09-01 DOI:10.54648/eucl2021021
Tu Linna
{"title":"Company Purpose in the Context of Business Sustainability and Insolvency Proceedings","authors":"Tu Linna","doi":"10.54648/eucl2021021","DOIUrl":null,"url":null,"abstract":"The organizational and operational company purposes of the debtor company terminate in liquidation proceedings. In addition, the nonfinancial sustainability elements vanish in a piecemeal selling. Through a selling as a going concern, the operational company purpose and sustainability elements may be transferred to a byer company. In restructuring proceedings, both the organizational and operational company purposes remain, but the shareholder primacy shifts to a creditor priority. When choosing between liquidation and restructuring proceedings, there are two tests: the viability test and the best-interests-of-creditors test. In these tests, all obligatory non-financial sustainability elements, such as environmental requirements laid down in the law, must be considered. Voluntary non-financial sustainability investments for implementing the company operational purpose are allowed also during the restructuring plan if they benefit the creditors.","PeriodicalId":11843,"journal":{"name":"European Company Law","volume":null,"pages":null},"PeriodicalIF":0.5000,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Company Law","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.54648/eucl2021021","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0

Abstract

The organizational and operational company purposes of the debtor company terminate in liquidation proceedings. In addition, the nonfinancial sustainability elements vanish in a piecemeal selling. Through a selling as a going concern, the operational company purpose and sustainability elements may be transferred to a byer company. In restructuring proceedings, both the organizational and operational company purposes remain, but the shareholder primacy shifts to a creditor priority. When choosing between liquidation and restructuring proceedings, there are two tests: the viability test and the best-interests-of-creditors test. In these tests, all obligatory non-financial sustainability elements, such as environmental requirements laid down in the law, must be considered. Voluntary non-financial sustainability investments for implementing the company operational purpose are allowed also during the restructuring plan if they benefit the creditors.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
企业可持续发展和破产程序背景下的公司宗旨
债务公司的组织经营目的在清算程序中终止。此外,非金融的可持续性因素在零碎的出售中消失了。通过作为持续经营企业出售,运营公司的目的和可持续性要素可能会转移到一个新的公司。在重组程序中,公司的组织和运营目的仍然存在,但股东优先转向债权人优先。在清算和重组程序之间进行选择时,有两种测试:生存能力测试和债权人最大利益测试。在这些测试中,必须考虑所有强制性的非财务可持续性要素,例如法律规定的环境要求。为实现公司经营目的而进行的自愿非财务可持续性投资,如果对债权人有利,也允许在重组计划期间进行。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
自引率
33.30%
发文量
23
期刊最新文献
Editorial: Loyalty Shares and Loyalty Voting Article: Report on Elverding Conference 2023 on Enhancing Sustainable Business and Corporate Regulation in the EU The CSDD, Oversight Liability and Risk Management Systems The Potential Impact of the CSRD and Other Sustainability Legislation on Listed Companies Tilted Balance to Security or Economy? A Comparative Study of National Security Review Mechanisms in the Netherlands and the United States
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1