The Transfer of Shares by Court Order in a Closely Held Company: What Is the Proper Reference Date for the Valuation of the Shares? - European Company Law View The Transfer of Shares by Court Order in a Closely Held Company: What Is the Proper Reference Date for the Valuation of the Shares? by Bas de Jong - European Company Law The Transfer of Shares by Court Order in a Closely Held Company: What Is the Proper Reference Date for the Valuation of the Shares? Bas de Jong 9 4

In several jurisdictions, courts can order a shareholder to transfer his shares to another shareholder or a third party. In the UK, the unfair prejudice rules of the Companies Act 2006 enable, among other things, protection of non-controlling shareholders' interests and can lead to a court order that shares should be purchased by the controllers of the company. In the Netherlands, it is possible to initiate an action of expulsion against a shareholder who harms a company by his behaviour. Moreover, shareholders can exit the company if their interests are prejudiced to such an extent that continuation of their membership cannot reasonably be demanded. Belgium has comparable rules as the Netherlands.

European Company Law