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The Place for Creditor Protection on the Agenda for Modernisation of Company Law in the European Union

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  • Ferran Ellís

    (Professor of Company and Securities Law, Centre for Corporate and Commercial Law (3CL) and Law Faculty, University of Cambridge.)

Abstract

The European Commission's Action Plan for Company Law, Modernising Company Law and Enhancing Corporate Governance in the European Union, signals a reorientation of the approach to company law at the European level, away from the protection of those who deal with companies and in favour of concentrating instead on business efficiency and competitiveness. This reorientation undermines the 2nd Company Law Directive, which is rooted in dated notions about company law's functions and assumptions about the need for safeguards against abuse. If the reorientation is genuine, it should provoke a more meaningful engagement with questions about company's law role in creditor protection and the regulatory strategies that can best be employed to discharge it.

Suggested Citation

  • Ferran Ellís, 2006. "The Place for Creditor Protection on the Agenda for Modernisation of Company Law in the European Union," European Company and Financial Law Review, De Gruyter, vol. 3(2), pages 178-221, June.
    • Handle: RePEc:bpj:eucflr:v:3:y:2006:i:2:p:178-221:n:4
    DOI: 10.1515/ECFR.2006.008
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