Payment of (Extraordinary) Dividends: What if the Company Law Rules are Breached?

IF 0.5 Q3 LAW European Company Law Pub Date : 2020-12-01 DOI:10.54648/eucl2020032
Jesper Seehausen
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Abstract

This article on payment of dividends focuses on situations where the company law rules on this subject are breached. The reason for this is that, in practice, lawyers, auditors, and others dealing with company law sometimes encounter situations where a company has paid dividends to its shareholders, but the company law rules on payment of dividends are breached. This is especially true with regard to extraordinary dividends, which is why the article focuses on such dividends. However, situations do occur where a company has paid ordinary dividends to its shareholders, but the company law rules on payment of such dividends are breached. Drawing on the Consolidated Company Law Directive (CCLD), the article starts by discussing the requirements for paying dividends. Next, still drawing on CCLD, it discusses the consequences of paying dividends if these requirements are not met. Finally, it explores the differences between CCLD and the European Model Companies Act (EMCA) with regard to payment of dividends. The article points to a number of ways in which the CCLD provisions on payment of dividends could be improved. Such improvements are necessary in order to maintain the important balance between creditor and shareholder protection. Company Law, Consolidated Company Law Directive (CCLD), European Model Companies Act (EMCA), Dividends, Extraordinary Dividends, Interim Dividends.
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支付(特别)股息:如果违反《公司法》规定怎么办?
这篇关于股息支付的文章关注的是违反公司法关于这一主题的规定的情况。原因是,在实践中,律师、审计师和其他处理公司法的人有时会遇到公司向股东支付股息,但违反了公司法关于股息支付的规定的情况。这一点在特别股息方面尤其正确,这就是本文关注此类股息的原因。然而,公司确实会向股东支付普通股息,但违反了公司法关于支付此类股息的规定。本文借鉴《合并公司法指令》(CCLD),首先讨论了股息支付的要求。接下来,它仍然借鉴CCLD,讨论了如果不满足这些要求,支付股息的后果。最后,探讨了CCLD与《欧洲公司示范法》在股息支付方面的差异。该条指出了一些可以改进CCLD关于股息支付的规定的方法。为了保持债权人和股东保护之间的重要平衡,这种改进是必要的。《公司法》、《合并公司法指令》(CCLD)、《欧洲示范公司法》(EMCA)、《股息》、《特别股息》和《中期股息》。
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