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EC Pursues Infringement Against Romania Over Company Law

The European Commission decided to pursue infringement procedures against Romania and four other member states over failure to transpose into national law a Directive simplifying the raising of capital and the restructuring of capital ownership in public limited liability companies.
EC Pursues Infringement Against Romania Over Company Law
16 oct. 2008, 14:20, English

"The Commission will send reasoned opinions to Belgium, Spain, Luxembourg, Portugal and Romania regarding the Directive simplifying the formation, maintenance and alteration of companies’ capital,” the Commission said in a press release Thursday.

The Directive modifying the regime of formation, maintenance and alteration of companies’ capital was adopted in 2006 and aims at facilitating and simplifying the raising of capital and the restructuring of capital ownership in public limited liability companies.

The Directive enables member states, under certain conditions, to discharge companies from specific reporting requirements and to facilitate the restructuring of capital ownership.

The Directive also provides for harmonized safeguards for creditors in the context of capital reduction.

The transposition deadline for the Directive was April 2008.