FUSIES, REORGANISATIE &
INSOLVENTIE
,Inhoudsopgave
Begrippen, Belangrijke woorden/uitzonderingen, Arresten, Opsommingen/voor-nadelen Hoofdvraag, Kritiek/Literatuur
Fusie ............................................................................................................................................................... 6
Fusie .................................................................................................................................................................... 6
....................................................................................................................................................................... 6
Juridische fusie – proces ................................................................................................................................ 7
Juridische fusie – rechtsgevolgen .................................................................................................................. 7
Juridische fusie – vernietiging ........................................................................................................................ 8
Grensoverschrijdende fusie ................................................................................................................................. 8
Societas Europea (SE) ......................................................................................................................................... 8
Splitsing .......................................................................................................................................................... 8
Splitsing (juridische splitsing).............................................................................................................................. 8
Splitsing – proces ........................................................................................................................................... 9
Splitsing – rechtsgevolgen ............................................................................................................................. 9
Splitsing - vernietiging.................................................................................................................................. 10
Splitsing – derdenbescherming.................................................................................................................... 10
M&A ............................................................................................................................................................. 10
Garanties .......................................................................................................................................................... 10
Due Diligence .................................................................................................................................................... 11
Vrijwaringen ..................................................................................................................................................... 11
Uitleg ovk .......................................................................................................................................................... 11
Afgebroken onderhandelingen ......................................................................................................................... 11
Voorwaarden totstandkoming, opschorting, ontbinding ................................................................................. 12
Subject-to bepalingen ....................................................................................................................................... 12
Remedies ...................................................................................................................................................... 12
Remedies bij tekortkomingen ........................................................................................................................... 12
Nakoming ..................................................................................................................................................... 13
Ontbinding ................................................................................................................................................... 13
Vernietiging wegens dwaling ....................................................................................................................... 13
Schadevergoeding........................................................................................................................................ 14
Aanpassing o.g.v. onvoorziene omstandigheden ........................................................................................ 14
Mac-clausule ................................................................................................................................................ 14
Private equity ............................................................................................................................................... 15
Private equity.................................................................................................................................................... 15
Venture Capital-investeringen .......................................................................................................................... 15
Milestonefinanciering (VC) .......................................................................................................................... 15
Contractuele verwateringsbescherming (VC) .............................................................................................. 15
Liquidatiepreferentie (VC) ........................................................................................................................... 16
Opbouw PE fonds .............................................................................................................................................. 16
Buyout .............................................................................................................................................................. 16
Buyout proces .............................................................................................................................................. 16
Buyout verkoopopbrengst - waterfall .......................................................................................................... 17
Buyout effecten van leverage ...................................................................................................................... 17
, Exit hoge exitwaarde ................................................................................................................................... 17
Debt pushdown ................................................................................................................................................. 18
Achtergestelde aandeelhoudersleningen ......................................................................................................... 18
Good/bad leaver clausules bij buyouts ............................................................................................................. 18
Exit vormen ....................................................................................................................................................... 19
Tag Along recht ................................................................................................................................................ 19
Drag Along recht............................................................................................................................................... 19
Governance bij buyouts .................................................................................................................................... 19
Medezeggenschap ........................................................................................................................................ 19
Instelling OR...................................................................................................................................................... 19
Gemor/COR/GOR .............................................................................................................................................. 20
COR/GOR ..................................................................................................................................................... 20
OR werkwijze na instelling ................................................................................................................................ 20
Geheimhouding OR...................................................................................................................................... 20
Ontslagbescherming OR .............................................................................................................................. 21
Bevoegdheden OR ........................................................................................................................................ 21
Overlegrecht ..................................................................................................................................................... 21
Initiatiefrecht .................................................................................................................................................... 21
Informatierecht ................................................................................................................................................. 22
Adviesrecht ....................................................................................................................................................... 22
Beroepsrecht tegen besluit na advies .......................................................................................................... 23
Adviesrecht benoeming/ontslag bestuurder ............................................................................................... 23
Algemene geschillenregeling ............................................................................................................................ 23
Ondernemingsovereenkomst............................................................................................................................ 23
Medezeggenschap in concernverhoudingen.................................................................................................. 24
Toerekening ...................................................................................................................................................... 25
Medezeggenschap ............................................................................................................................................ 26
Reorganisatie ................................................................................................................................................ 26
Inkrimping reorganisaties - ontslag .................................................................................................................. 26
Afwijken afspiegelingsmethode ................................................................................................................... 28
Ontslag - proces ................................................................................................................................................ 29
Transitievergoeding berekening ....................................................................................................................... 29
Werknemersremedies ....................................................................................................................................... 29
Collectief ontslag .......................................................................................................................................... 30
Collectief ontslag .............................................................................................................................................. 30
Sancties WCMO ........................................................................................................................................... 30
Sociaal plan .................................................................................................................................................. 30
Overgang van onderneming .......................................................................................................................... 31
Bijzonderheden OVO ................................................................................................................................... 33
, Wie/wat gaat er over ....................................................................................................................................... 33
Ontslagbescherming OVO................................................................................................................................. 33
Informatie- en consultatierechten OVO ............................................................................................................ 34
Faillissement en OVO .................................................................................................................................... 34
Pre-pack ............................................................................................................................................................ 34
Insolventie .................................................................................................................................................... 35
Faillissement ..................................................................................................................................................... 35
Rechtsmiddelen faillissement ...................................................................................................................... 36
Curator.............................................................................................................................................................. 36
Aansprakelijkheid curator ............................................................................................................................ 36
Rechter-commissaris......................................................................................................................................... 37
Schuldenaar ...................................................................................................................................................... 37
Schuldeisers ...................................................................................................................................................... 37
Fixatiebeginsel .............................................................................................................................................. 37
Fixatiebeginsel .................................................................................................................................................. 37
Gevolgen faillissement ...................................................................................................................................... 38
Vorderingen terughalen van bank ............................................................................................................... 39
Vorderingen terughalen van begunstigde ................................................................................................... 39
Rangorde ...................................................................................................................................................... 39
Verificatie.......................................................................................................................................................... 41
Einde faillissement ........................................................................................................................................ 41
Procedures faillissementsrecht ..................................................................................................................... 42
Enquêteprocedure ............................................................................................................................................ 42
Wederkerige overeenkomst .............................................................................................................................. 42
Huurovereenkomsten ....................................................................................................................................... 43
Verschil BabyXL en Bouwgros: ..................................................................................................................... 43
Arbeidsovereenkomsten ................................................................................................................................... 44
Verrekening .................................................................................................................................................. 44
Verrekening algemeen ...................................................................................................................................... 44
Verrekening in faillissement ............................................................................................................................. 44
Verrekening en girale betaling ......................................................................................................................... 44
Overwaarde-arrangement ................................................................................................................................ 45
Pauliana & Peeters/Gatzen vordering ........................................................................................................... 45
Pauliana onverplichte rechtshandeling ............................................................................................................ 45
Verplicht verrichte rechtshandelingen .............................................................................................................. 47
Peeters/Gatzen-vordering ................................................................................................................................ 48
Internationaal insolventierecht ..................................................................................................................... 49
INSOLVENTIE
,Inhoudsopgave
Begrippen, Belangrijke woorden/uitzonderingen, Arresten, Opsommingen/voor-nadelen Hoofdvraag, Kritiek/Literatuur
Fusie ............................................................................................................................................................... 6
Fusie .................................................................................................................................................................... 6
....................................................................................................................................................................... 6
Juridische fusie – proces ................................................................................................................................ 7
Juridische fusie – rechtsgevolgen .................................................................................................................. 7
Juridische fusie – vernietiging ........................................................................................................................ 8
Grensoverschrijdende fusie ................................................................................................................................. 8
Societas Europea (SE) ......................................................................................................................................... 8
Splitsing .......................................................................................................................................................... 8
Splitsing (juridische splitsing).............................................................................................................................. 8
Splitsing – proces ........................................................................................................................................... 9
Splitsing – rechtsgevolgen ............................................................................................................................. 9
Splitsing - vernietiging.................................................................................................................................. 10
Splitsing – derdenbescherming.................................................................................................................... 10
M&A ............................................................................................................................................................. 10
Garanties .......................................................................................................................................................... 10
Due Diligence .................................................................................................................................................... 11
Vrijwaringen ..................................................................................................................................................... 11
Uitleg ovk .......................................................................................................................................................... 11
Afgebroken onderhandelingen ......................................................................................................................... 11
Voorwaarden totstandkoming, opschorting, ontbinding ................................................................................. 12
Subject-to bepalingen ....................................................................................................................................... 12
Remedies ...................................................................................................................................................... 12
Remedies bij tekortkomingen ........................................................................................................................... 12
Nakoming ..................................................................................................................................................... 13
Ontbinding ................................................................................................................................................... 13
Vernietiging wegens dwaling ....................................................................................................................... 13
Schadevergoeding........................................................................................................................................ 14
Aanpassing o.g.v. onvoorziene omstandigheden ........................................................................................ 14
Mac-clausule ................................................................................................................................................ 14
Private equity ............................................................................................................................................... 15
Private equity.................................................................................................................................................... 15
Venture Capital-investeringen .......................................................................................................................... 15
Milestonefinanciering (VC) .......................................................................................................................... 15
Contractuele verwateringsbescherming (VC) .............................................................................................. 15
Liquidatiepreferentie (VC) ........................................................................................................................... 16
Opbouw PE fonds .............................................................................................................................................. 16
Buyout .............................................................................................................................................................. 16
Buyout proces .............................................................................................................................................. 16
Buyout verkoopopbrengst - waterfall .......................................................................................................... 17
Buyout effecten van leverage ...................................................................................................................... 17
, Exit hoge exitwaarde ................................................................................................................................... 17
Debt pushdown ................................................................................................................................................. 18
Achtergestelde aandeelhoudersleningen ......................................................................................................... 18
Good/bad leaver clausules bij buyouts ............................................................................................................. 18
Exit vormen ....................................................................................................................................................... 19
Tag Along recht ................................................................................................................................................ 19
Drag Along recht............................................................................................................................................... 19
Governance bij buyouts .................................................................................................................................... 19
Medezeggenschap ........................................................................................................................................ 19
Instelling OR...................................................................................................................................................... 19
Gemor/COR/GOR .............................................................................................................................................. 20
COR/GOR ..................................................................................................................................................... 20
OR werkwijze na instelling ................................................................................................................................ 20
Geheimhouding OR...................................................................................................................................... 20
Ontslagbescherming OR .............................................................................................................................. 21
Bevoegdheden OR ........................................................................................................................................ 21
Overlegrecht ..................................................................................................................................................... 21
Initiatiefrecht .................................................................................................................................................... 21
Informatierecht ................................................................................................................................................. 22
Adviesrecht ....................................................................................................................................................... 22
Beroepsrecht tegen besluit na advies .......................................................................................................... 23
Adviesrecht benoeming/ontslag bestuurder ............................................................................................... 23
Algemene geschillenregeling ............................................................................................................................ 23
Ondernemingsovereenkomst............................................................................................................................ 23
Medezeggenschap in concernverhoudingen.................................................................................................. 24
Toerekening ...................................................................................................................................................... 25
Medezeggenschap ............................................................................................................................................ 26
Reorganisatie ................................................................................................................................................ 26
Inkrimping reorganisaties - ontslag .................................................................................................................. 26
Afwijken afspiegelingsmethode ................................................................................................................... 28
Ontslag - proces ................................................................................................................................................ 29
Transitievergoeding berekening ....................................................................................................................... 29
Werknemersremedies ....................................................................................................................................... 29
Collectief ontslag .......................................................................................................................................... 30
Collectief ontslag .............................................................................................................................................. 30
Sancties WCMO ........................................................................................................................................... 30
Sociaal plan .................................................................................................................................................. 30
Overgang van onderneming .......................................................................................................................... 31
Bijzonderheden OVO ................................................................................................................................... 33
, Wie/wat gaat er over ....................................................................................................................................... 33
Ontslagbescherming OVO................................................................................................................................. 33
Informatie- en consultatierechten OVO ............................................................................................................ 34
Faillissement en OVO .................................................................................................................................... 34
Pre-pack ............................................................................................................................................................ 34
Insolventie .................................................................................................................................................... 35
Faillissement ..................................................................................................................................................... 35
Rechtsmiddelen faillissement ...................................................................................................................... 36
Curator.............................................................................................................................................................. 36
Aansprakelijkheid curator ............................................................................................................................ 36
Rechter-commissaris......................................................................................................................................... 37
Schuldenaar ...................................................................................................................................................... 37
Schuldeisers ...................................................................................................................................................... 37
Fixatiebeginsel .............................................................................................................................................. 37
Fixatiebeginsel .................................................................................................................................................. 37
Gevolgen faillissement ...................................................................................................................................... 38
Vorderingen terughalen van bank ............................................................................................................... 39
Vorderingen terughalen van begunstigde ................................................................................................... 39
Rangorde ...................................................................................................................................................... 39
Verificatie.......................................................................................................................................................... 41
Einde faillissement ........................................................................................................................................ 41
Procedures faillissementsrecht ..................................................................................................................... 42
Enquêteprocedure ............................................................................................................................................ 42
Wederkerige overeenkomst .............................................................................................................................. 42
Huurovereenkomsten ....................................................................................................................................... 43
Verschil BabyXL en Bouwgros: ..................................................................................................................... 43
Arbeidsovereenkomsten ................................................................................................................................... 44
Verrekening .................................................................................................................................................. 44
Verrekening algemeen ...................................................................................................................................... 44
Verrekening in faillissement ............................................................................................................................. 44
Verrekening en girale betaling ......................................................................................................................... 44
Overwaarde-arrangement ................................................................................................................................ 45
Pauliana & Peeters/Gatzen vordering ........................................................................................................... 45
Pauliana onverplichte rechtshandeling ............................................................................................................ 45
Verplicht verrichte rechtshandelingen .............................................................................................................. 47
Peeters/Gatzen-vordering ................................................................................................................................ 48
Internationaal insolventierecht ..................................................................................................................... 49
