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(2) See, recently, Günter Christian Schwarz Europäisches Gesellschaftsrecht (Baden-Baden 2000), no. 2; Mathias Habersack Europäisches Gesellschaftsrecht (Munich 1999), no. 15; the still classical text is Clive Schmitthoff (Ed.) The Harmonisation of European Company Law, (London 1973); for a recent, brilliant assessment see Jan Wouters European Company Law: Quo Vadis?, Common Market Law Review 37 (2000), 257-307; Simon Deakin Regulatory Competition versus Reflexive Harmonisation in European Company Law, in: Daniel C. Esty/Damien Geradin (Eds.), Regulatory Competition and Economic Integration. Comparative Perspectives (Oxford University Press: Oxford/New York 2001), 190–217.Google Scholar

(3) Klaus J. Hopt Europäisches Gesellschaftsrecht – Krise und Neue Anläufe, Zeitschrift für Wirtschaftsrecht [ZIP] 19 (1998), 96-106; see also Jan Wouters European Company Law: Quo Vadis?, Common Market Law Review 37 (2000), 257–307, albeit with a more skeptical outlook.Google Scholar

(4) Mathias Habersack Europäisches Gesellschaftsrecht, no. 2.Google Scholar

(5) Marcus Lutter Die Entwicklung des Gesellschaftsrechts in Europa, Europarecht [EuR] 10 (1975), 44 (p. 48); Jörn Pipkorn Die Entwicklung des europäischen Gesellschafts- und Unternehmensrechts, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 136 (1972), 499 (511).Google Scholar

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(7) Wolfgang Schön Mindestharmonisierung im europäischen Gesellschaftsrecht, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 160 (1996), 220 (232).Google Scholar

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(13) First Council Directive 68/151/EEC of 9 March 1968 on co-ordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community; Official Journal L 65, 14/03/1968 p. 8 ff.; a comprehensive overview of this and the pursuant directives is provided by Mathias Habersack Europäisches Gesellschaftsrecht, supra note 4, and by Jan Wouters European Company Law: Quo Vadis?, Common Market Law Review 37 (2000), 257–307.Google Scholar

(14) Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent, Official Journal L 26, 31/01/1977 p. 1 ff.Google Scholar

(15) Vanessa Edwards EC Company Law (Oxford University Press: Oxford/New York 1999), 51.Google Scholar

(16) Vanessa Edwards EC Company Law, 14; E.g. for the system of stated capital: Herbert Wiedemann Gesellschaftsrecht I (Munich 1980), 558; Marcus Lutter Kapital, Sicherung der Kapitalaufbringung und Kapitalerhaltung in den Aktien- und GmbH-Rechten der EWG (Karlsruhe 1964), 498 f.Google Scholar

(17) Günter Christian Schwarz Europäisches Gesellschaftsrecht, no. 37.Google Scholar

(18) Third Council Directive 78/855/EEC of 9 October 1978 based on Article 54 (3) (g) of the Treaty concerning mergers of public limited liability companies Official Journal L 295, 20/10/1978 p. 36 ff.; Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies Official Journal L 222, 14/08/1978 p. 11 ff.; Sixth Council Directive 82/891/EEC of 17 December 1982 based on Article 54 (3) (g) of the Treaty, concerning the division of public limited liability companies Official Journal L 378, 31/12/1982 p. 47 ff.; Seventh Council Directive 83/349/EEC of 13 June 1983 based on the Article 54 (3) (g) of the Treaty on consolidated accounts Official Journal L 193, 18/07/1983 p. 1 ff.; Eighth Council Directive 84/253/EEC of 10 April 1984 based on Article 54 (3) (g) of the Treaty on the approval of persons responsible for carrying out the statutory audits of accounting documents Official Journal L 126, 12/05/1984 p. 20 ff.Google Scholar

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(22) See the overview Vanessa Edwards EC Company Law, 387 ff.Google Scholar

(23) Jeanne Boucourechliev Recht der Internationalen Wirtschaft [RIW] 45 (1999), 1 (3); Heribert Hirte Kapitalgesellschaftsrecht (3rd ed. - Cologne 2001), no. 40c; Vanessa Edwards EC Company Law, 390 f; Germany already has a sophisticated codified law on groups of companies while other Member States apply takeover laws to guarantee the protection of shareholders and creditors.Google Scholar

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(25) Mathias Habersack Europäisches Gesellschaftsrecht, no. 72.Google Scholar

(26) Eleventh Council Directive 89/666/EEC of 21 December 1989 concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State Official Journal L 395, 30/12/1989 p. 36 ff.Google Scholar

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(28) See the overview Mathias Habersack Europäisches Gesellschaftsrecht, no. 72.Google Scholar

(29) For the historical development Heribert Hirte in Kölner Kommentar zum Wertpapiererwerbs- und Übernahmegesetz (Cologne 2002), Einl. note 60 ff.; Klaus-Heiner Lehne Die 13. Richtlinie auf dem Gebiet des Gesellschaftsrechts betreffend Übernahmeangebote - gescheitert, aber dennoch richtungweisend für das künftige europäische Übernahmerecht, in: Heribert Hirte (Hrsg.), WpÜG. Das Wertpapiererwerbs- und Übernahmegesetz mit Übernahmekodex und City Code (Cologne 2002), 33-44; for the latest development see: Proposal for a directive of the European Parliament and of the Council on takeover bids, COM/2002/0534 final; see also Franz-Jörg Semler Die zweite Runde ist eröffnet: Neuer Kommissionsvorschlag für eine EU-Übernahmerichtlinie, Betriebsberater [BB] 57 (2002), issue 46 p. IGoogle Scholar

(30) Daniel Zimmer Internationales Gesellschaftsrecht (Heidelberg 1996), 138; this did form one of the decisive stumbling blocks on the road to a European Company Statute (Societas Europaea - SE), see now the comprehensive study by Gunther Mävers Die Mitbestimmung der Arbeitnehmer in der Europäischen Aktiengesellschaft (Nomos: Baden-Baden 2002).Google Scholar

(31) Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees Official Journal L 294, 10/11/2001 p. 22 ff.; see also Meinhard Heinze Die Europäische Aktiengesellschaft, Zeitschrift für Unternehmens- und Gesellschaftsrecht [ZGR] 31 (2002), 66 (77).Google Scholar

(32) See text, infra III. From an abundant literature, see, e.g., Heribert Hirte Die Europäische Aktiengesellschaft, Neue Zeitschrift für Gesellschaftsrecht [NZG] 5 (2002), 1-10; Klaus J. Hopt Europäische Aktiengesellschaft - per aspera ad astra?, Europäische Zeitschrift für Wirtschaftsrecht [EuZW] 13 (2002), 1; Georg F. Thoma/Dieter Leuering Die Europäische Aktiengesellschaft - Societas Europaea, Neue Juristische Wochenschrift [NJW] 55 (2002), 1449–1454; Terence L. Blackburn The Societas Europea: The Evolving European Corporation Statute, Fordham Law Review 61 (1993), 695-772.Google Scholar

(33) Mathias Habersack Europäisches Gesellschaftsrecht, 74.Google Scholar

(34) On November 4, 2002 the High Level Group of Company Law Experts gave its key recommendations and priorities for a further development. (http://europa.eu.int/comm/internal_market/en/company/company/modern/consult/report_en.pdf). This trend has markedly be described as ‘reflexive harmonization’, see hereto Simon Deakin Regulatory Competition versus Reflexive Harmonisation in European Company Law, in: Daniel C. Esty/Damien Geradin (Hrsg.), Regulatory Competition and Economic Integration. Comparative Perspetives (Oxford University Press: Oxford/New York 2001), 190-217; its conceptual connection must be seen with the Commission's so-called Open Method of Coordination, which emerged at the Lisbon Council in 2000, see for an analysis and critique Diamond Ashiagbor Soft Harmonisation: Labour Law, Economic Theory and the European Employment Strategy, (Ph.D. Thesis, European University Institute: Florence 2002); for an analysis comparing the involvement of corporate governance commissions, civil society participation and soft law in corporate law making on the national and EU level cf. Peer Zumbansen The Privatization of Corporate Law? Corporate Governance Codes and Commercial Self-Regulation, Juridikum (2002), 32-40, also in 1 ANNUAL OF GERMAN & EUROPEAN LAW (2003), Berghahn Books (Oxford/New York), forthcoming.Google Scholar

(35) Jörn Pipkorn Die Entwicklung des europäischen Gesellschafts- und Unternehmensrechts, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 136 (1972), 499 (511); idem, Die Entwicklung des europäischen Gesellschafts- und Unternehmensrechts, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 141 (1977), 330 (359); see also the Preamble of the Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) Official Journal L 294, 10/11/2001 p. 1 ff.Google Scholar

(36) Proposal for a council regulation embodying a statute for the European Company Official Journal C 124, 10/10/1970 p. 1Google Scholar

(37) Vanessa Edwards EC Company Law, 400 f.Google Scholar

(38) Council Regulation (EEC) No 2137/85 of 25 July 1985 on the European Economic Interest Grouping (EEIG) Official Journal L 199, 31/07/1985 p. 1 ff.Google Scholar

(39) The European legislator recognized that all aspects of a corporation could not be regulated by a regulation (Mathias Habersack Europäisches Gesellschaftsrecht, no. 66; Günter Christian Schwarz Europäisches Gesellschaftsrecht, no. 970).Google Scholar

(40) Art. 2 I EEIG Regulation.Google Scholar

(41) Due to the application of national law beside the provisions of the regulation the EEIG could not provide the sufficient flexibility and legal certainty that was expected by introducing supranational corporations. (Meinhard Heinze Die Europäische Aktiengesellschaft, Zeitschrift für Unternehmens- und Gesellschaftsrecht [ZGR] 13 (2002), 66 (67); Mathias Habersack Europäisches Gesellschaftsrecht, no. 66).Google Scholar

(42) Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) Official Journal L 294, 10/11/2001 p. 1 ff.Google Scholar

(43) Art. 9 I c SE-Regulation; Francoise Blanquet Das Statut der Europäischen Aktiengesellschaft (Societas Europaea SE) Zeitschrift für Unternehmens- und Gesellschaftsrecht [ZGR] 13 (2002), 20 (50 f.).Google Scholar

(44) Art. 70 SE Regulation.Google Scholar

(45) A concise analysis, bridging the legal and economic debates on regulatory competition, can now be found in Eva-Maria Kieninger Wettbewerb der Rechtsordnungen im Europäischen Binnenmarkt, (Mohr Siebeck: Tübingen 2002); see already Meinrad Dreher, Wettbewerb oder Vereinheitlichung der Rechtsordnungen in Europa?, Juristenzeitung [JZ] 54 (1999), 105-112; Hanno Merkt, Das europäische Gesellschaftsrecht und die Idee des ‘Wettbewerbs der Gesetzgeber', Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 59 (1995), 545–568.Google Scholar

(46) See, e.g., Roe, Mark J. Some Differences in Corporate Structure in Germany, Japan, and the United States, Yale Law Journal 102 (1993), 1927; idem, Path Dependence Political Options and Governance Systems, in: Klaus J. Hopt/Eddy Wymeersch (Hrsg.), Comparative Corporate Governance. Essays and Materials (Walter de Gruyter: Berlin/New York 1997), 165-184; Jeffrey N. Gordon Pathways to Corporate Governance? Two Steps on the Road to Shareholder Capitalism in Germany, Columbia Journal of European Law 5 (1999), 219-241; Klaus Heine/Wolfgang Kerber European Corporate Laws, Regulatory Competition and Path Dependence, European Journal of Law and Economics 13 (2002), 47–71.Google Scholar

(47) See, e.g., Romano, Roberta The Genius of American Corporate Law, (The American Enterprise Institute Press: 1993); the classical and still not resolved debate over an alleged ‘race to the bottom’ arose with William L. Cary Federalism and Corporate Law: Reflections Upon Delaware, Yale Law Journal 83 (1974), 663–705.Google Scholar

(48) Wolfgang Schön Mindestharmonisierung im europäischen Gesellschaftsrecht, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 160 (1996), 220 (233).Google Scholar

(49) Eckhard Pache/Frank Schorkopf Der Vertrag von Nizza, Neue Juristische Wochenschrift [NJW] 54 (2001), 1377 ff.Google Scholar

(50) Cary, William L. Federalism and Corporate Law: Reflections Upon Delaware, Yale Law Journal 83 (1974), 663-705; Ralph K. Winter State Law, Shareholder Protection, and the Theory of the Corporation, Journal of Legal Studies 6 (1977), 251-292; Roberta Romano The State Competition Debate in Corporate Law, Cardozo Law Review 8 (1987), 709-757; Lucian Arye Bebchuk Federalism and the Corporation: the desirable limits on state competition in corporate law, Harvard Law Review 105 (1992), 1435–1510; Roberta Romano Explaining American Exceptionalism in Corporate Law, in: International Regulatory Competition and Coordination, 127-152; William J. Carney Federalism and Corporate Law: A Non-Delaware View of Results of Competition, in: International Regulatory Competition and Coordination, 153-183; William W. Bratton/Joseph McCahery Regulatory Competition as Regulatory Capture: The Case of Corporate Law in the USA, in: International Regulatory Competition and Coordination, 207-237.Google Scholar

(51) See already supra, note 47, and infra, notes 50 ff.Google Scholar

(52) Cary, William L. Federalism and Corporate Law: Reflections Upon Delaware, Yale Law Journal 83 (1974), 663-705.Google Scholar

(53) Romano, Roberta Explaining American Exceptionalism in Corporate Law, in: International Regulatory Competition and Coordination, 127 (128); Eva-Maria Kieninger Wettbewerb der Rechtsordnungen im Europäischen Binnenmarkt, (Mohr Siebeck: Tübingen 2002), 2 f.Google Scholar

(54) Cary, William L. Federalism and Corporate Law: Reflections Upon Delaware, Yale Law Journal 83 (1974), 663-705CrossRefGoogle Scholar

(55) See infra notes 54 ff.Google Scholar

(56) Winter, Ralph K. State Law, Shareholder Protection, and the Theory of the Corporation, Journal of Legal Studies 6 (1977), 251 (256).Google Scholar

(57) Romano, Roberta The State Competition Debate in Corporate Law, Cardozo Law Review 8 (1987), 709 (719).Google Scholar

(58) Romano, Roberta The State Competition Debate in Corporate Law, Cardozo Law Review 8 (1987), 709 ff.Google Scholar

(59) Romano, Roberta Explaining American Exceptionalism in Corporate Law, in: International Regulatory Competition and Coordination, 127 (129).Google Scholar

(60) Romano, Roberta Explaining American Exceptionalism in Corporate Law, in: International Regulatory Competition and Coordination, 127 (141); Hanno Merkt Das Europäische Gesellschaftsrecht und die Idee des “Wettbewerbs der Gesetzgeber”, Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 59 (1995), 545 ff.Google Scholar

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(62) Besides Germany also Belgium, Spain, Greek, France, Luxembourg and Portugal apply the seat theory. See Günter Christian Schwarz Europäisches Gesellschaftsrecht, no 164.Google Scholar

(63) Daniel Zimmer Internationales Gesellschaftsrecht, 200.Google Scholar

(64) Heribert Hirte Kapitalgesellschaftsrecht, no. 1026.Google Scholar

(65) E.g. in Germany Oberlandesgericht (OLG) Hamm, Recht der Internationalen Wirtschaft [RIW] 43 (1997), 874-875; Oberlandesgericht (OLG) Düsseldorf 49 [JZ] 2000, 203; Hans Jürgen Sonnenberger Europarecht und Internationales Privatrecht, Zeitschrift für vergleichende Rechtswissenschaft [ZverglRW] 118 (1996), 3 (21); Staudinger-Großfeld Internationales Gesellschaftsrecht (Berlin 1998), no. 130 ff.Google Scholar

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(67) The European Court of Justice also referred to Art. 293 EC stating that the Member States shall enter into negotiations with each other for the mutual recognition of companies or firms. These negotiations ended in 1968 in the Convention on the mutual recognition of companies and bodies corporate. Due to the denial of the Netherlands to ratify this convention it never came into force.Google Scholar

(68) Bayerisches Oberstes Landgericht (BayObLG) Wertpapiermitteilungen [WM] 46 (1992), 1371; Oberlandesgericht (OLG) Hamm Zeitschrift für Wirtschaftsrecht [ZIP] 18 (1997), 1696 (1697); Staudinger-Großfeld Internationales Gesellschaftsrecht, no. 123 ff.; Carsten Ebenroth/Uwe Eyles Die innereuropäische Verlegung des Gesellschaftssitzes als Ausfluss der Niederlassungsfreiheit, Der Betrieb [DB] 42 (1989), 413 (417); but see Peter Behrens Niederlassungsfreiheit und internationales Gesellschaftsrecht Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 52 (1988), 498 (517 ff.); Brigitte Knobbe-Keuk Umzug von Gesellschaften in Europa, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht [ZHR] 154 (1990), 325 (329 ff.).Google Scholar

(69) EC Case C-212/97 [1999] ECR I-1459; the ECJ's website lists far more than 100 comments, articles and books on Centros. See, e.g., Simon Deakin Regulatory Competition versus Reflexive Harmonisation in European Company Law, in: Daniel C. Esty/Damien Geradin (Hrsg.), Regulatory Competition and Economic Integration. Comparative Perspetives (Oxford University Press: Oxford/New York 2001), 190-217, 200 ff.; Barbara Trefil European Company Law: Comments and Metacomments on Centros, in: 2 German Law Journal No. 18 (1 December 2001), available at: http://www.germanlawjournal. com/past_issues.php?id=117, reviewing Harald Halbhuber Limited Company statt GmbH? Europarechtlicher Rahmen und deutscher Widerstand – Ein Beitrag zur Auslegung von Art. 48 EG und zum Europäischen Gesellschaftsrecht (Baden-Baden: Nomos Verlagsgesellschaft 2001).Google Scholar

(70) E.g. in Germany: Landgericht (LG) Potsdam, Zeitschrift für Wirtschaftsrecht [ZIP] 20 (1999), 2021 ff.; Oberlandesgericht (OLG) Hamm, Zeitschrift für Wirtschaftsrecht [ZIP] 23 (2001), 791 ff.; see also Werner F. Ebke Centros – Some realities and some mysteries, American Journal of Comparative Law 48, 623 (657).Google Scholar

(71) Österreichischer Oberster Gerichtshof (OGH), Recht der Internationalen Wirtschaft [RiW] 46 (2000), 378 ff.; see also Werner F. Ebke,Centros – Some realities and some mysteries, American Journal of Comparative Law 48, 623 (657).Google Scholar

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(73) The need for the preliminary ruling in this case was already doubted because of the fact that the Überseering BV would be a partnership under German Law. The commercial partnership has the legal capacity (§§ 105 II, 124 German Commercial Code). Also the partnership under the Civil Code has due to the judgement of the Bundesgerichtshof the legal capacity (BGHZ 146, 341 ff.). See Holger Altmeppen Parteifähigkeit, Sitztheorie und “Centros”, Deutsches Steuerrecht [DStR] 38 (2000), 1061; but see Stefan Leible/Jochen Hoffmann Vom “Nullum” zur Personengesellschaft – Die Metamorphose der Scheinauslandsgesellschaft im deutschen Recht, Der Betrieb [DB] 55 (2002), 2203 (2206).Google Scholar

(74) These provisions applies analogous for the partnerships under German Civil Code (see BGHZ 146, 341 ff.).Google Scholar

(75) Ulrich Forsthoff EuGH fördert Vielfalt im Gesellschaftsrecht - Traditionelle deutsche Sitztheorie verstößt gegen Niederlassungsfreiheit, Der Betrieb [DB] 55 (2002), 2471 (2474).Google Scholar

(76) EC C-208/00 [2002] Zeitschrift für Wirtschaftsrecht [ZIP] 55 (2002), 2037 ff; no. 93.Google Scholar

(77) Ulrich Forsthoff EuGH fördert Vielfalt im Gesellschaftsrecht - Traditionelle deutsche Sitztheorie verstößt gegen Niederlassungsfreiheit, Der Betrieb [DB] 55 (2002), 2471 ff; Horst Eidenmüller Zur Vereinbarkeit der Sitztheorie mit EG Art 43, 48, speziell bei Sitzverlegung in einen anderen Mitgliedstaat, Zeitschrift für Wirtschaftsrecht [ZIP] 23 (2002), 82 (84); Sebastian Gronstedt Sitzverlegung einer ausländischen Gesellschaft nach Deutschland führt zur Anerkennung von deren aktiver und passiver Parteifähigkeit, Betriebsberater [BB] 57 (2002), 2033 (2034); dissenting opinion Stefan Leible/Jochen Hoffmann Vom “Nullum” zur Personengesellschaft – Die Metamorphose der Scheinauslandsgesellschaft im deutschen Recht, Der Betrieb [DB] 55 (2002), 2203 (2207).Google Scholar

(78) Deakin, Simon Regulatory Competition versus Reflexive Harmonisation in European Company Law, in: Daniel C. Esty/Damien Geradin (Hrsg.), Regulatory Competition and Economic Integration. Comparative Perspectives (Oxford University Press: Oxford/New York 2001), 190 (216); Hanno Merkt Das Europäische Gesellschaftsrecht und die Idee des “Wettbewerbs der Gesetzgeber”, Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 59 (1995); 545 ff.Google Scholar

(79) The question before the court was whether Virginia could impose restrictions on foreign companies when these restrictions were not imposed on local corporations. The Supreme Court held that a state could exclude a foreign corporation from engaging in intrastate but not in interstate business (75 U.S. 168 (1868)).Google Scholar

(80) After the Paul v. Virginia decision of the U.S. Supreme Court the ‘race to laxity’ began 1896 in New Jersey. Later Maine and finally from 1899 on Delaware became the ‘mother of incorporations'; An overview gives Henry N. Butler Nineteenth-century jurisdictional competition in the granting of corporate privileges, Journal of Legal Studies 129 (1985), 129 (155); Richard M. Buxbaum The origins of the American ”Internal Affairs“ Rules in corporate conflict of laws, Festschrift für Gerhard Kegel (Stuttgart 1987), 75 (79).Google Scholar

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(88) See. e.g., Philipp von Ilberg/Michael Neises, Die Richtlinien-Vorschläge der EU Kommission zum “Einheitlichen Europäischen Prospekt” und zum “Marktmissbrauch” aus Sicht der Praxis, Wertpapiermitteilungen [WM] 56 (2002), 635-647.Google Scholar

(89) The European Community does especially not have a public authority for the enforcement of these provisions.Google Scholar

(90) Habersack, Mathias Europäisches Gesellschaftsrecht, 2; Markus Lenenbach Kapitalmarkt und Börsenrecht (Cologne 2002), no. 1.59; for the relation of corporate and securities law in German law: Assmann in GroßKomm.AktG Einl. no. 343 ff.Google Scholar

(91) Raiser, Thomas Kapitalgesellschaftsrecht (Munich 2001), 21; Hanno Merkt Das Europäische Gesellschaftsrecht und die Idee des ”Wettbewerbs der Gesetzgeber“, Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 59 (1995); 545 (566).Google Scholar

(92) Similar Deakin promotes a ‘reflexive harmonization’ as an effective guarantor of diversity between national systems and therefore of experimentation in regulatory design (Simon Deakin Regulatory Competition versus Reflexive Harmonisation in European Company Law, in: Daniel C. Esty/Damien Geradin (Hrsg.), Regulatory Competition and Economic Integration. Comparative Perspectives (Oxford University Press: Oxford/New York 2001), 190 (216)).Google Scholar

(93) For the development in German Corporate Law Holger Altmeppen Zur Entwicklung eines neuen Gläubigerschutzkonzeptes in der GmbH, Zeitschrift für Wirtschaftsrecht [ZIP] 23 (2002), 1553 ff.Google Scholar

(94) In the first proposal of the twelfth directive Art. 2 (3) stated a unlimited liability of the sole member for obligations of the company. This provision met with restriction esp. from Germany and was later replaced with a new provision which survived as art. 2 (2) of the adopted directive. (Proposal for a twelfth council directive on company law concerning single-member private limited companies, COM (1988), 101 final; see also Vanessa Edwards EC Company Law, 225).Google Scholar

(95) Proposal for the 14th directive on cross-border transfer of company seats, Zeitschrift für Wirtschaftsrecht [ZIP] 18 (1997), 1721 ff.; see also High Level Group of Company Law Experts and its key recommendations and priorities for a further development, http://europa.eu.int/comm/internal market/en/company/company/modern/consult/report_en.pdf.Google Scholar

(96) Timmermanns, Christiaan Die Europäische Rechtsangleichung im Gesellschaftsrecht, Rabels Zeitschrift für ausländisches und internationales Privatrecht [RabelsZ] 48 (1984) 1 (14).Google Scholar