PROTECTION OF CREDITORS AND EMPLOYEES IN CROSS-BORDER REORGANIZATIONS OF COMPANIES
DOI:
https://doi.org/10.30925/zpfsr.46.1.3Keywords:
cross-border reorganizations, protection of creditors and employees, the Republic of Croatia.Abstract
Amendments to the Companies Act from 2023 improved existing provisions on cross-border mergers and introduced new provisions on cross- border divisions and conversions of companies. Both domestic companies and those from EU Member States have the option to select a cross-border reorganization procedure that aligns with their specific characteristics and needs. Creditors and employees of companies participating in cross-border reorganizations have the right to be informed about the consequences of these operations. They have the ability to raise objections to the cross-border reorganization plan, thereby indirectly influencing the company’s decision on the reorganization. Based on the information provided, creditors can request guarantees for any outstanding claims before the cross-border reorganization takes effect. Employee participation rights in the resulting company are protected by the application of the provisions outlined in the Act on Employees Participation in Decision-Making in SE and SCE. This prevents suspension or reduction of employee participation rights in cross-border operations.
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