Sociétés anonymes privées en crise : l’actionnaire majoritaire démuni face au minoritaire ? Réflexions critiques sur la protection renforcée du minoritaire en cas d’assainissement

[Private companies in crisis: majority shareholders powerless against minorities? Critical reflections on enhanced minority protection in restructuring]

Michel Jaccard, Sociétés anonymes privées en crise : l’actionnaire majoritaire démuni face au minoritaire ? Réflexions critiques sur la protection renforcée du minoritaire en cas d’assainissement, in: GesKR, 31 May 2010

Abstract (AI generated)

Few companies escape a crisis threatening their survival, and such situations often reveal deep disagreements between majority and minority shareholders. This article examines the role of the board, the specific duties triggered by balance-sheet losses, the balance between preferential subscription rights and their limitation in a restructuring, and whether minority shareholders can be squeezed out through a full capital write-down and increase (“accordion”), offering critical reflections on the reinforced protection of minority shareholders.