European Union: Directors and Officers

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Article
Do You Need To Whitewash? The Financial Assistance Prohibition Under Maltese Law Explained
Malta's Companies Act prohibits companies from providing financial assistance for the acquisition of their own shares or those of their parent company, but private companies can circumvent this restriction through a 'whitewash procedure.' This article examines the scope of the prohibition, the rationale behind capital maintenance rules, and the practical steps required to lawfully provide financial assistance in M&A transactions.
Malta Commercial
GA
GVZH Advocates
Article
Organhaftung: BGH Verschärft Die Verantwortlichkeit Des Aufsichtsrats – Urteil Des II. Zivilsenats Des BGH Vom 14. Oktober 2025 (II ZR 78/24)
Der BGH hat mit Urteil vom 14.10.2025 grundlegende Anforderungen an die Überwachungspflichten des Aufsichtsrats und die Berichtspflichten des Vorstands präzisiert. Auch bei ruhendem Geschäftsbetrieb einer Aktiengesellschaft bleiben die gesetzlichen Berichts- und Überwachungsmechanismen vollumfänglich bestehen. Die Entscheidung verdeutlicht, dass Aufsichtsratsmitglieder ihre Pflichten nicht durch informelle Gespräche erfüllen können und bei Pflichtverletzungen pers
Germany Commercial
PL
PwC Legal Germany
Article
Interim Dividends Under Maltese Law: When Can They Be Clawed Back?
When a company pays an interim dividend but later discovers it lacked sufficient distributable profits, can those payments be recovered from shareholders? This analysis examines the unique legal position of interim dividends under Maltese company law, exploring the circumstances under which clawback becomes possible and the critical distinction between lawful distributions affected by subsequent misfortune and unlawful payments that should never have been made.
Malta Commercial
GA
Ganado Advocates
Article
Incorporating A Luxembourg SARL Before Opening Its Bank Account: The Fast-track Process
Luxembourg has introduced a significant reform allowing founders to defer the EUR 12,000 minimum share capital payment for private limited liability companies (SARL) for up to 12 months after incorporation. This change eliminates the need for upfront bank account opening and capital contribution, enabling faster company formation and immediate business operations while maintaining shareholder liability for unpaid capital.
Luxembourg Commercial
GA
Ganado Advocates
Article
EU Adopts Directive On The Harmonization Of Insolvency Law: Key Aspects And Implications For Germany
The European Union has formally adopted a directive establishing minimum standards for insolvency law harmonization across Member States, covering avoidance actions, asset tracing, pre-pack proceedings, director filing duties, creditors' committees, and transparency measures. While the directive sets baseline requirements in these critical areas, its practical impact on German insolvency law is expected to be limited, as Germany's existing framework already meets or exceeds most of the directive's standards
Germany Insolvency
JD
Jones Day
Article
Liability Risks Arising From De Facto Management
In small family businesses and medium-sized enterprises, individuals who assume management functions without formal appointment face significant legal exposure as "de facto managing directors." This risk becomes particularly acute during corporate crises when shareholders take operational control or when financing banks deploy representatives with extensive decision-making authority. German courts have developed comprehensive case law establishing that such individuals bear the same duties and liabilities a
Germany Commercial
MB
Mayer Brown
Article
Withdrawal Of A Partner From Fixed-Term General And Limited Partnerships: Just Cause As A Prerequisite For Payment Of The Value Of The Partner’s Interest
The personal relationship of trust between partners forms the foundation of partnerships, but what happens when that trust breaks down? This article explores the legal framework governing a partner's voluntary withdrawal from general and limited partnerships in Greece, examining the critical distinction between status-related and financial consequences of departure.
Greece Commercial
PK
Psarakis & Kefalas Law Firm
Article
Part I: Managements Responsibility To Conduct Internal Investigations
German companies face a complex web of legal obligations when conducting internal investigations, spanning whistleblower protection, supply chain due diligence, market abuse regulations, and anti-money laundering requirements. This briefing examines the statutory foundations, trigger thresholds, and procedural timelines that determine when and how management must initiate, escalate, and document compliance inquiries.
Germany Commercial
MB
Mayer Brown
Article
Cash Pooling In A Crisis – Directors’ Duties And Liquidity Protection
A crisis at the cash-pool leader does not automatically make cash pooling impermissible. It does, however, materially intensify the review, monitoring and documentation duties of managing directors at the level of each participating company. The key issues are recoverability of the repayment claim, practical access to pooled funds and protection of the company’s own minimum liquidity.
Germany Commercial
RF
Rimon Falkenfort
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