Suchergebnisse

On 30 January 2020, the Court of Justice of the European Union (CJEU) delivered its judgment in the Case C 394/18 I.G.I. Srl v. Maria Grazia Cicenia et al. The case offers an interpretation of the Directive on corporate divisions in a case that fell outside its scope, and a delicate balancing act between the need to protect legal certainty in corporate divisions, and the need to respect Private Law remedies enshrined in domestic civil codes. The CJEU ruled that the rules of the Sixth Council Directive 82/891/EEC did not preclude the creditors of a company being divided from bringing an actio pauliana against the corporate division, in order to obtain a declaration that the division does not have effects against them, nor did it preclude them from bringing enforcement proceedings against the assets transferred to the newly formed company.

The Single Supervisory Mechanism (SSM) is a relatively recent and remarkable piece of institutional architecture at the core of the Banking Union. The vast powers conferred on the ECB under the SSM, the complexity of coordination and the sensitive nature of some decisions allocated to the EU level make accountability a key requisite for the system's success. Some of the provisions applicable provide a solid foundation for a system of strong accountability. Recently, the need to offer a credible response to climate change risks have added additional challenges to ECB accountability under the SSM. Accordingly, there is room to improve the system to effectively counterbalance the powers given to the SSM to increase their accountability at the European level without undermining their independence and within the boundaries of the current legal framework.