ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ
Based on the relevant law enforcement practice of economic courts, the article studies the problem of choice of proper and effective remedy of a minority shareholder in the procedure of compulsory shares repurchase. It is emphasized that the resolution of this problem shall be based on: 1) the under...
Saved in:
| Date: | 2022 |
|---|---|
| Main Author: | |
| Format: | Article |
| Language: | Ukrainian |
| Published: |
V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine
2022
|
| Online Access: | https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1077 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Journal Title: | Economics and Law |
Institution
Economics and Law| id |
oai:ojs.economiclaw.kiev.ua:article-1077 |
|---|---|
| record_format |
ojs |
| institution |
Economics and Law |
| baseUrl_str |
|
| datestamp_date |
2022-08-25T19:27:39Z |
| collection |
OJS |
| language |
Ukrainian |
| format |
Article |
| author |
Belianevych, O.A. |
| spellingShingle |
Belianevych, O.A. ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| author_facet |
Belianevych, O.A. |
| author_sort |
Belianevych, O.A. |
| title |
ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| title_short |
ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| title_full |
ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| title_fullStr |
ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| title_full_unstemmed |
ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ |
| title_sort |
про способи судового захисту прав міноритарного акціонера у процедурі примусового викупу акцій |
| title_alt |
ON THE REMEDIES OF THE JUDICIAL PROTECTION OF RIGHTS OF A MINORITY SHAREHOLDER IN THE PROCEDURE OF COMPULSORY SHARES REPURCHASE |
| description |
Based on the relevant law enforcement practice of economic courts, the article studies the problem of choice of proper and effective remedy of a minority shareholder in the procedure of compulsory shares repurchase. It is emphasized that the resolution of this problem shall be based on: 1) the understanding of the mandatory nature of the alienation of shares by a minority shareholder (economically weaker subject), stipulated in Article 65-2 of the Law of Ukraine “On joint-stock companies”, as an atypical contract construction for modern civil and economic legislation; 2) the protection of rights of a minority shareholder in the mandatory shares repurchase should be considered not only in the context of protection of their title, but also in a more broader context — as protection of their subjective corporate right, since the legal consequence of such a sale is not only the termination of their title in a strict sense, but also the termination of their corporate right in the subjective sense as the right of an individual to be a shareholder of a company (legal person). Mandatory sale by a minority shareholder of all shares belonging to them leads not only to the termination of their title in a strict sense, but also to the termination of their corporate right in the subjective sense as the right of an individual to be a shareholder of a company (legal person). Therefore, a minority shareholder in the relations of squeeze-out is entitled not only to receiving some “purchase” price for the mandatory (in essence, compulsory) alienated shares, but also to a fair compensation of loss of their corporate right, which includes proprietary, as well as non-proprietary (organizational) rights, and thus — also the loss of legal possibility to satisfy their investment interest by way of shareholding in a particular joint-stock company. A minority shareholder may seek in court the recognition of not only the right to compensation as such, but the right to compensation at the highest (fair, in terminology of Directive 2004/25/EU) price of share in the specific amount determined by the court. It is argued that the recognition of the claimant’s right to receive fair compensation for shares sold under compulsion is a proper and effective remedy of rights and legitimate interests of a minority shareholder. The issuer of shares shall be the defendant in the lawsuit for recognition of right to receive compensation by a minority shareholder for shares alienated under mandatory sale in accordance with Article 65-2 of the Law of Ukraine “On joint-stock companies”.
REFERENCES1. Zakhyst prav ta interesiv uchasnykiv mainovykh vidnosyn: pytannia teorii i praktyky. Za zah. red. Koval I.F. Vinnytsia: TVORY, 2020. 272 p. [in Ukrainian].2. Belianevych O.A., Miahkyi A.V. Korporatyvne upravlinnia za zakonodavstvom Ukrainy: teoretyko-prykladni problemy. NDI pryvatnoho prava i pidpryiemnytstva imeni akademika F.H. Burchaka NAPrN Ukrainy. Kyiv, 2017. 320 p. [in Ukrainian].3. Korporatyvne upravlinnia. Za red. I.V. Spasybo-Fatieievoi. Kharkiv, 2007. 500 p. [in Ukrainian].4. Pryvatnopravovi mekhanizmy zdiisnennia ta zakhystu subiektyvnykh prav fizychnykh ta yurydychnykh osib. Za nauk. red. V.L. Yarotskoho. Kharkiv: Yurait, 2013. 272 p. [in Ukrainian].5. Kravchuk V.M. Korporatyvne pravo: nauk.-prakt. koment. zakonodavstva ta sudovoi praktyky. Kyiv, 2005. 720 p. [in Ukrainian].6. Smitiukh A.V. Korporatyvni prava ta korporatyvni pai (chastky): teoretyko-pravovi aspekty. Odesa: Feniks, 2018. 662 p. [in Ukrainian].7. Har’kovskaja civilisticheskaja shkola: zashhita sub#ektivnyh grazhdanskih prav i interesov. Pod obshh. red. I.V. Spasibo- Fateevoj. Har’kov: Pravo, 2014. 672 p. [in Russian].8. Gordon V.M. Iski o priznanii. Jaroslavl’, Tipografija Gubernskogo Pravlenija, 1906. 392 p. [in Russian].9. Korporatyvne pravo kriz pryzmu sudovoi praktyky. Za red. I.V. Spasybo-Fatieievoi. Kharkiv: EKUS, 2021. 512 p. [in Ukrainian]. |
| publisher |
V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine |
| publishDate |
2022 |
| url |
https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1077 |
| work_keys_str_mv |
AT belianevychoa ontheremediesofthejudicialprotectionofrightsofaminorityshareholderintheprocedureofcompulsorysharesrepurchase AT belianevychoa prosposobisudovogozahistupravmínoritarnogoakcíonerauproceduríprimusovogovikupuakcíj |
| first_indexed |
2025-09-24T17:23:42Z |
| last_indexed |
2025-09-24T17:23:42Z |
| _version_ |
1844166963275759616 |
| spelling |
oai:ojs.economiclaw.kiev.ua:article-10772022-08-25T19:27:39Z ON THE REMEDIES OF THE JUDICIAL PROTECTION OF RIGHTS OF A MINORITY SHAREHOLDER IN THE PROCEDURE OF COMPULSORY SHARES REPURCHASE ПРО СПОСОБИ СУДОВОГО ЗАХИСТУ ПРАВ МІНОРИТАРНОГО АКЦІОНЕРА У ПРОЦЕДУРІ ПРИМУСОВОГО ВИКУПУ АКЦІЙ Belianevych, O.A. Based on the relevant law enforcement practice of economic courts, the article studies the problem of choice of proper and effective remedy of a minority shareholder in the procedure of compulsory shares repurchase. It is emphasized that the resolution of this problem shall be based on: 1) the understanding of the mandatory nature of the alienation of shares by a minority shareholder (economically weaker subject), stipulated in Article 65-2 of the Law of Ukraine “On joint-stock companies”, as an atypical contract construction for modern civil and economic legislation; 2) the protection of rights of a minority shareholder in the mandatory shares repurchase should be considered not only in the context of protection of their title, but also in a more broader context — as protection of their subjective corporate right, since the legal consequence of such a sale is not only the termination of their title in a strict sense, but also the termination of their corporate right in the subjective sense as the right of an individual to be a shareholder of a company (legal person). Mandatory sale by a minority shareholder of all shares belonging to them leads not only to the termination of their title in a strict sense, but also to the termination of their corporate right in the subjective sense as the right of an individual to be a shareholder of a company (legal person). Therefore, a minority shareholder in the relations of squeeze-out is entitled not only to receiving some “purchase” price for the mandatory (in essence, compulsory) alienated shares, but also to a fair compensation of loss of their corporate right, which includes proprietary, as well as non-proprietary (organizational) rights, and thus — also the loss of legal possibility to satisfy their investment interest by way of shareholding in a particular joint-stock company. A minority shareholder may seek in court the recognition of not only the right to compensation as such, but the right to compensation at the highest (fair, in terminology of Directive 2004/25/EU) price of share in the specific amount determined by the court. It is argued that the recognition of the claimant’s right to receive fair compensation for shares sold under compulsion is a proper and effective remedy of rights and legitimate interests of a minority shareholder. The issuer of shares shall be the defendant in the lawsuit for recognition of right to receive compensation by a minority shareholder for shares alienated under mandatory sale in accordance with Article 65-2 of the Law of Ukraine “On joint-stock companies”. REFERENCES1. Zakhyst prav ta interesiv uchasnykiv mainovykh vidnosyn: pytannia teorii i praktyky. Za zah. red. Koval I.F. Vinnytsia: TVORY, 2020. 272 p. [in Ukrainian].2. Belianevych O.A., Miahkyi A.V. Korporatyvne upravlinnia za zakonodavstvom Ukrainy: teoretyko-prykladni problemy. NDI pryvatnoho prava i pidpryiemnytstva imeni akademika F.H. Burchaka NAPrN Ukrainy. Kyiv, 2017. 320 p. [in Ukrainian].3. Korporatyvne upravlinnia. Za red. I.V. Spasybo-Fatieievoi. Kharkiv, 2007. 500 p. [in Ukrainian].4. Pryvatnopravovi mekhanizmy zdiisnennia ta zakhystu subiektyvnykh prav fizychnykh ta yurydychnykh osib. Za nauk. red. V.L. Yarotskoho. Kharkiv: Yurait, 2013. 272 p. [in Ukrainian].5. Kravchuk V.M. Korporatyvne pravo: nauk.-prakt. koment. zakonodavstva ta sudovoi praktyky. Kyiv, 2005. 720 p. [in Ukrainian].6. Smitiukh A.V. Korporatyvni prava ta korporatyvni pai (chastky): teoretyko-pravovi aspekty. Odesa: Feniks, 2018. 662 p. [in Ukrainian].7. Har’kovskaja civilisticheskaja shkola: zashhita sub#ektivnyh grazhdanskih prav i interesov. Pod obshh. red. I.V. Spasibo- Fateevoj. Har’kov: Pravo, 2014. 672 p. [in Russian].8. Gordon V.M. Iski o priznanii. Jaroslavl’, Tipografija Gubernskogo Pravlenija, 1906. 392 p. [in Russian].9. Korporatyvne pravo kriz pryzmu sudovoi praktyky. Za red. I.V. Spasybo-Fatieievoi. Kharkiv: EKUS, 2021. 512 p. [in Ukrainian]. Досліджено проблему вибору належного та ефективного способу захисту прав міноритарного акціонера у процедурі примусового викупу акцій на основі актуальної правозастосовної практики господарських судів. Наголошено на тому, що вирішення цієї проблеми має ґрунтуватися на: розумінні обов’язковості відчуження акцій міноритарним акціонером (економічно слабшим суб’єктом), що передбачено ст. 65-2 Закону України від 17.09.2008 № 514-VI «Про акціонерні товариства», як атипової для сучасного цивільного та господарського законодавства договірної конструкції; розгляді захисту прав міноритарного акціонера за обов’язкового продажу акцій не тільки в контексті захисту його права власності, але й в ширшому — як захисту його суб’єктивного корпоративного права, оскільки правовим наслідком такого продажу є не тільки припинення його права власності у вузькому сенсі, але й припинення його корпоративного права у суб’єктивному розумінні як права особи бути учасником товариства (юридичної особи). Аргументовано, що визнання права позивача на отримання справедливої компенсації за примусово продані акції є належним та ефективним способом захисту прав та законних інтересів міноритарного акціонера. Відповідачем за позовом про визнання права на отримання міноритарним акціонером компенсації за акції, відчужені під час здійснення обов’язкового продажу відповідно до ст. 65-2 Закону України «Про акціонерні товариства», є емітент акцій. V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine 2022-08-09 Article Article application/pdf https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1077 10.15407/econlaw.2022.02.003 Economics and Law; No 2 (65) (2022): Economics and Law; 3 - 12 Экономика и право; No 2 (65) (2022): Economics and Law; 3 - 12 Економіка та право; No 2 (65) (2022): Economics and Law; 3 - 12 2523-4838 1681-6277 10.15407/econlaw.2022.02 uk https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1077/1037 |