Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/4.2.1:4.2.1 Introduction

Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/4.2.1

4.2.1 Introduction

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

Ever since its enactment in 1892, the GmbHG has contained a winding-up remedy. This remedy offers shareholders an exit by way of court-ordered dissolution of the company provided that there is an important reason (wichtiger Grund) to do so. One or more shareholders solely or jointly holding at least 10% of the share capital (Stammkapital) of the company are entitled to invoke the winding-up remedy.1

Alternatively, the dissolution of the company can be attained by a shareholders' resolution. In principle, this resolution requires a three-quarters majority of the votes cast in a general meeting of shareholders. The articles of association can provide for a lower or higher threshold.2 Consequently, the winding-up remedy is mainly a remedy for minority shareholders.

The section concerned with the winding-up remedy is § 61 GmbHG. This section stipulates:

(1)The company may be wound up by court order if it becomes impossible toachieve the purpose of the company, or if other important reasons for the winding-up, stemming from the company 's affürs, are present.

(2)

1The claim for winding-up is to be brought against the company. 2It can only be initiated by shareholders, whose shares jointly constitute at least one tenth part of the share capital.

(3)

With respect to the claim, the court of the district in which the company has its registered seat has exclusive jurisdiction.3

Deze functie is alleen te gebruiken als je bent ingelogd.