Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/6.9.3
6.9.3 Relationship with inquiry proceedings
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS405192:1
- Vakgebied(en)
Ondernemingsrecht (V)
Voetnoten
Voetnoten
Bundel NV en BV, p. IXy-9 (MvT): 'Er zijn dan ook gevallen denkbaar dat aandeelhouders zowel op grond van het enquêterecht als op grond van de geschillenregeling kunnen optreden. Deze samenloop levert geen bezwaar op (...) Uit van de ondernemingskamer verkregen gegevens blijkt, dat de meeste enquêtezaken die bij deze kamer zijn aangebracht betrekking hebben op besloten vennootschappen, waarin de aandeelhouders/directeuren onenigheid hebben en waarin de enige goede oplossing om aan de moeilijkheden een einde te maken is gelegen in een overdracht van aandelen. In vele gevallen kon als resultaat van de bemoeiingen van de ondernemingskamer een dergelijke overdracht tot stand worden gebracht, doch de ondernemingskamer kan deze thans niet dwingend voorschrijven.'
The explanatory memorandum considers: 'Een enquêteprocedure is niet steeds mogelijk, is te zwaar en leidt ook niet steeds tot de gewenste uitkomst.' Bundel NV en BV, p. IXy-7.
See for instance: Parliamentary Papers II 2006/07, 31 058, no. 3 (MvT), p. 108.
In a similar vein: Geerts (2004), p. 73-76.
OK 27 April 2000, rekestnummer 254/2000 at 4.4 (Van der Wegen): 'En overigens geldt dat de keuze van verzoeker voor de onderhavig procedure veeleer blijkt geeft van een voorkeur voor een, mogelijk ook in het belang van de vennootschap zijnde, efficiënte en in verhouding weinig tijd en geld vergende aanpak van de beslechting van een geschil als het onderhavige dan dat zij als misbruik van recht zou zijn aan te merken.'
See supra § 5.3 and § 5.6.
As has been sketched above, the exit proceedings may involve both the conduct of the shareholders and of the company itself. In the inquiry proceedings in principle only the policy of the company itself is of relevance. As the company and its shareholders are not in a vacuum but in relationship to each other and conflicts usually not only influence the shareholders but also the company itself, a cause for overlap between both proceedings is present. Disputes between shareholders are often dealt with in the inquiry proceedings.
As appears from the legislative history, before the introduction of the proceedings of settlement of disputes the Minister already pointed out that a majority of the cases dealt with in the inquiry proceedings consist of disputes between shareholders. He did not raise any objections to this overlap. In the event of shareholders' disputes the transfer of shares is often the preferred option. Although the OK is not allowed to provide a buy-out order in the inquiry proceedings, the OK usually presses for an amicable settlement, such as agreement on the transfer of shares:
"It is therefore conceivable that there are cases in which shareholders can initiate both inquiry proceedings and proceedings for settlement of disputes. This concurrence does not incur problems (...). From data received from the OK it appears, that most inquiry cases which have been brought to this court chamber concern private companies, in which the shareholders/managing directors are in disagreement and in which the only accurate solution to end the difficulties lies in a transfer of shares. In many cases such a transfer could be accomplished as a result of the interference of the OK, however, the OK can at present not order a compulsory instruction."1
The legislator argued that in comparison with the inquiry proceedings, the exit proceedings and expulsion proceedings provide less severe means of solving conflicts between shareholders.2 In those days, that might have been correct. At that time, the OK could only order final remedies after the inquiry had taken place and mismanagement had been established on the report of the investigator(s). However, with the introduction of immediate remedies in 1994, one could doubt whether the inquiry proceedings have to be considered means that are too severe. With help of immediate remedies or perhaps it is better to say under threat or pressure of these immediate remedies, the OK may assist parties in reaching an amicable settlement short-term.
In line with the view of the Minister of Justice cited above, under current law, the overlap between proceedings for the settlement of disputes and the inquiry proceedings is still not regarded as troublesome in any way.3 Currently, the chance for overlap is even higher, as conduct of the company may also form ground for the exit proceedings. In principle, shareholders are free to choose between both proceedings or even start both proceedings next to each other.4
The view that the proceedings can be both used at the same time or as an alternative is also found in case law. The OK held that there is no abuse of right (misbruik van recht) if the inquiry proceedings are used when a dispute between shareholders is present. Illustrative are the following comments of the OK with respect to the former exit proceedings:
"Besides, the choice of claimant for the present proceedings (i.e. the inquiry proceedings, PdV) rather shows a preference for an efficient and comparatively less time-consuming and expensive approach of the settlement of a dispute like the present one, perhaps also being in the interest of the company, than that it would amount to abuse of right."5
As follows from the Report of Cools and Kroeze, experience has shown that disputes which seem to fit proceedings for the settlement of disputes are often dealt with in the inquiry proceedings.6 One may assume that parties favour proceedings which solve their dispute in the easiest way. Nevertheless, in the inquiry proceedings the OK cannot order the compulsory transfer of shares. The OK can only pursue an amicable settlement and in very exceptional circumstances order the winding-up of the company. So, if no amicable settlement can be reached, the only solution seems to lay in the exit proceedings or expulsion proceedings.