Thu, Mar. 25, 2004

GALA Seminar on European Company

ASG - Washington.   On March 24, 2004 RA Joachim Maiss, of feb Rechtsanwälte in Mannheim, Germany spoke at a German American Law Association seminar, hosted by Peter Esser of the Representative of German Industry and Trade in Washington, DC, on the topic of the new “European Company, Societas Europea, (SE).

After describing details of formation, worker's rights and co-determination issues Maiss concluded that the SE is no ideal option for U.S. companies not yet active in the European Union to overcome the various national law. Although the SE is based on a European Commission directive, the SE remains bound by the laws of the jurisdiction where it is domiciled.

In its CENTROS, Ueberseering and Inspire Art, Ltd. holdings, the European Court of Justice seems to follow a rule that entities established in other countries of the EU may be relocated into every other EU nation without prior liquidation, Maiss suggested. But because it is not yet clear which law applies to those companies, he added, as business should not establish, for instance, a limited company in the United Kingdom when doing business in Germany is intended.

Maiss added that director's obligations can lead to personal liability, not coverable by regular insurance and special attention to this issue is important.

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