Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/6.5.1
6.5.1 Introduction
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS404061:1
- Vakgebied(en)
Ondernemingsrecht (V)
Voetnoten
Voetnoten
De aandeelhouder die door gedragingen van één of meer mede-aandeelhouders zodanig in zijn rechten of belangen is geschaad dat het voortduren van zijn aandeelhouderschap in redelijkheid niet meer van hem kan worden gevergd, kan tegen die mede-aandeelhouders een vordering tot uittreding instellen, inhoudende dat zijn aandelen overeenkomstig de leden 1, 2 en 3 van artikel 343a worden overgenomen. Een vordering tot uittreding kan ook worden ingesteld tegen de vennootschap op grond van gedragingen van één of meer medeaandeelhouders of van de vennootschap zelf.
Bundel NV en BV, p. IXy - Art. 343 - 1 (MvT): 'De bepaling regelt de mogelijkheid tot het uitlokken van een rechterlijk bevel tot overneming van de aandelen van een aandeelhouder wiens positie in de vennootschap door het gedrag van zijn mede-aandeelhouders onhoudbaar is geworden en die zijn aandeel niet op de normale wijze kan verkopen (uittreding).'
Consenting: Leijten (1999), p. 236. Dissenting: Van den Ingh in his comments at OK 20 november 1997, JOR 1998, 26 (Hooymans).
The exit proceedings offer a shareholder a way out in a hopeless situation. Art. 2:343 paragraph 1 DCC, first and second sentence stipulate:
The shareholder who by the conduct of one or more co-shareholders is prejudiced in his rights or interests to such an extent that the continuation of his shareholding can no longer reasonably be expected from him, can initiate exit proceedings against those co-shareholders, implying the transfer of his shares in accordance with paragraphs 1, 2 and 3 of Article 343a. Exit proceedings can also be started against the company on the basis of conduct of one or more co-shareholders or of the company itself.1
A shareholder is entitled to start exit proceedings if his rights or interests are prejudiced:
by the conduct of one or more of his co-shareholder(s); and/or
by the conduct of the company,
to such an extent that the continuation of his shareholding can no longer reasonably be expected of him
The exit proceedings can be started against the company and against coshareholders. In exit proceedings against co-shareholders, only conduct of those co-shareholders can be taken into account. In exit proceedings against the company, (a) prejudicial conduct of one or more of the co-shareholders and (b) prejudicial conduct of the company itself can be taken into account (Art. 2:343 paragraph 1 DCC, second sentence). Therefore, it is possible that a shareholder starts proceedings against the company on the allegation that his co-shareholders have prejudiced his interests.
The exit proceedings are created for the oppressed shareholder who cannot sell his shares in a regular and für way. As has been considered in the legislative history of the former exit proceedings:
"The provision regulates the possibility to obtain a judicial order to transfer the shares of a shareholder whose position in the company has become intolerable because of the conduct of his co-shareholders and who cannot sell his share in a regular way (exit)."2
As appears from the quotation cited in § 6.2.3, I put forward that the exit proceedings also aim to provide relief in a situation in which cooperation within the company threatens to become impossible because of differences of opinion between shareholders. @@3
Contrary to the former exit proceedings, in the current exit proceedings prejudicial conduct of the company itself may also form ground for granting relief. A shareholder may start the proceedings, regardless of how many shares he holds. In order to qualify for the proceedings, the shareholder must allege and prove that he is prejudiced in his interests as a shareholder by the other shareholders or by the company.