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
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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.
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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。
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