Commission new proposal to simplify 3rd and 6th Company Law Directive01/06/07 / cata_european-union-news
A proposal was published on 6 March 2007 to amend the 3rd and 6th Company Law Directive. The proposal provides for simplification of administrative procedures for private parties.
The administrative procedure to be followed by public limited liability companies in case of mergers and divisions will be simplified in the sense that certain information obligation will be made voluntary instead of mandatory. The aim of this proposal is to remove unnecessary administrative burdens by giving shareholders the direct possibility to renounce to the written expert report on the draft terms of merger or division, if they so desire. This will bring the two directives in line with the current requirements in the 10th Company Law Directive. The proposal will now have to be adopted by the Parliament and Council. It is expected that the proposal would apply to some 600,000 companies across Europe.