Description
Bloomsbury Single-Member Limited Liability Company (SUP) by Beck
The book examines the attempts by the European Union to harmonise in the field of company law. In particular, it explores and offers a critical assessment of the proposal from the European Commission for a European single-member company ('SUP'). Key weakness are identified, including the challenges with the online founding in uncertain proof of identity and the deficient protection of creditors, which conflicts with existing insolvency law, particularly from the German perspective. Other dangers identified include the risk of use of the SEA as an instrument of participation avoidance. In addition, it shows that the SUP is largely unsuitable for control of the right of instruction of the sole shareholder and managing director liability. Having set out the areas where the proposal is currently not fit for purpose, the author makes a number of suggestions on how it might be approved.