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7 Eur. Bus. Org. L. Rev. 1 (2006)

handle is hein.journals/eunbuioiz7 and id is 1 raw text is: European Business Organization Law Review 7: 1-3 1 © 2006 T.M.CASSER PRESS DOI10.1017/S 1566752906000012 Guest Editorial This issue of EBOR presents to a wider audience the papers and proceedings of a symposium on 'Efficient Creditor Protection in European Company Law', which took place from 1 to 3 December 2005 at the premises of the Max Planck Institute in Munich, as a joint venture of Munich's Ludwig Maximilian University and the Max Planck Institute for Intellectual Property, Competition and Tax Law. As the organisers of this conference, we were proud and delighted that so many outstanding scholars from Europe and the United States agreed to participate, give presentations, make comments and contribute to the discussions, although we had nothing to offer but a lot of preparatory work, uncomfortable winter travel and the prospect of exchanging some views on questions of corporate law reform in our conference room. We would also like to express our gratitude to the Max Planck Society for the Advancement of Sciences for its generous financial support of the conference and this publication. It is well known that reform of the European rules on creditor protection in company law is imminent. The long-standing instrument of 'legal capital', which was virtually abolished in the United States some decades ago, has come under severe pressure in Europe as well. The reasons are manifold. Academic work on both sides of the Atlantic shows a tendency that traditional mandatory rules should give way to individual solutions which are freely negotiated between creditors and corporate debtors, supported by increased disclosure obligations of firms. The High Level Group of Company Law Experts (Winter Group) has recommended reassessing the merits of legal capital and examining alternative systems of creditor protection. Moreover, recent judgments of the European Court of Justice have spurred regulatory competition between Member States in the field of company law, giving rise to a race (whether to the 'top' or to the 'bottom' has to be decided by the beholder). Perhaps the broadest challenge to the incumbent system stems from the Europe-wide introduction of the International Accounting Standards/International Financial Reporting Standards which are designed to give full and fair information of a company's economic situation. However, they are not conceptualised as the basis of rules on dividend payments and other distributions under a capital maintenance regime. Last but not least, the current debate on the legal and economic effects of the European Insolvency Regulation poses the question how corporate law and insolvency law shall be realigned in the future. Against this background, the organisers of the conference felt that it was time to bring together some scholars and officials who are currently working on reform projects in different Member States of the European Union and to invite other

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