Retroactive effect in a Dutch legal merger means that the results of the disappearing company are reported in the annual accounts of the acquiring company from a date earlier than the merger itself. Two dates therefore run alongside each other: the merger takes legal effect only on the day after the notary executes the deed (article 2:318 of the Dutch Civil Code), while the merger proposal may name an earlier accounting date under article 2:312 paragraph 2 of the Dutch Civil Code. Confusing the two is the most common error in practice, and it is expensive to correct afterwards.
This article sets out how the accounting effective date relates to the legal merger date, how far back it can be placed, how the tax facility for a legal merger interacts with it, and why the currency of the financial documents accompanying the merger proposal is one of the most underestimated pitfalls in a corporate restructuring. Our taiala tulafono fa'apisinisi cover the merger procedure itself in more detail.
Aso fa'aletulafono o le tu'ufa'atasiga fa'atusatusa i le aso amata fa'ale-tausitusi
I soo se tuufaatasiga faaletulafono, e tatau ona faia se eseesega i le va o ni taimi se lua eseese, ia e masani ona fenumiai.
E fa'ato'ā amata fa'aletulafono le tu'ufa'atasiga i le aso e mae'a ai ona fa'amaonia e le notary le pepa o le tu'ufa'atasiga. Mai lea taimi, o aseta ma noataga a le kamupani ua mou atu e fa'aliliuina atu i le kamupani e fa'atau mai, o le a le toe iai le kamupani ua mou atu, ma o tagata e umia sea o le kamupani ua mou atu i le mataupu fa'avae e avea ma tagata e umia sea o le fa'alapotopotoga fa'aletulafono e fa'atau mai. O lenei mea e mulimuli mai i aiaiga autu o le Ulutala 7 o le Tusi 2 o le Tulafono Fa'alemalo a Holani.
Ae mo faʻamoemoega o lipoti tau tupe, e faʻaaogaina se aso ese, e matua vave atu. E faʻatagaina e le tulafono a Holani se aso e vave atu ona faʻailogaina mai ai fefaʻatauaʻiga tau tupe a le kamupani ua mou atu e manatu o le a mo le tala ma le lamatiaga a le kamupani e mauaina. I le faʻatinoina o lenei aso e taʻua o le aso aoga tau tupe poʻo le aso faʻapipiʻi. O lona uiga, o tupe maua, tau, polofiti, ma le leiloa o le kamupani ua mou atu e mafai ona faʻagasoloina i le pulega ma tala faʻaletausaga a le kamupani e mauaina mai, mo se faʻataʻitaʻiga, 1 Ianuari, e ui lava o le tuʻufaʻatasiga lava ia e naʻo ni masina mulimuli ane e amata faʻamaonia faaletulafono.
O le ā le mamao e mafai ona oo i ai le aafiaga fa'asolo i tua
Some nuance is needed here, because this is a point that is often communicated too rigidly in practice. The financial allocation takes place from a date explicitly stated in the merger proposal, pursuant to article 2:312 paragraph 2 of the Dutch Civil Code. That date usually falls at the start of the current financial year, generally 1 January for companies whose financial year coincides with the calendar year, but this is not an absolute limit set out in so many words in the law. The practical outer limit is the last adopted annual accounts: results cannot be reallocated to a financial year for which the annual accounts have already been adopted and filed. Beyond that, the room to go back further is bounded by the limits of the applicable merger law and annual accounts law, and must be assessed in each individual case against the background of the last adopted annual accounts, the hinge date chosen in the merger proposal, and whether that date is defensible in light of the interests of shareholders, creditors, and the tax authorities.
Afai e lē tutusa tausaga tau tupe a kamupani ua tu’ufa’atasia, e lē mafai ona fa’aaogaina se aso masani e pei o le aso 1 o Ianuari. I lea tulaga, e tatau ona iloiloina i kamupani ta’itasi pe fa’apefea ona fesoota’i le aso tau tupe ua filifilia ma le tausaga tau tupe mulimuli na tapunia ma fa’amaonia e vaega ta’itasi. O se aso aoga ua filifilia sese e mafai ona o’o atu ai i fesili mai le tausi tusi, talanoaga ma Pulega o Lafoga a Holani, po’o galuega fa’asa’o i le pulega mulimuli ane.
O le aafiaga moni i le pulega ma tala o tupe faaletausaga
O le aafiaga toe foʻi mai e lē suia ai le taimi faaletulafono e amata faamamaluina ai le tuufaatasiga, ae e iai ni aafiaga tetele mo le pulega. O taunuuga o le kamupani ua mou atu ua aofia i fuainumera o le kamupani na mauaina mai le aso na filifilia. O fefaʻatauaʻiga i le va o kamupani na faia i le va o vaega i le taimi na vaeluaina ai e tatau ona iloiloina ma le faʻaeteete ma aveese pe a manaʻomia, ina ia leai se faitauga faalua. E tatau foi i le pulega ona mafai ona faʻamaonia po o fea mea e mo le tala a le kamupani na mauaina mai le aso na filifilia, ma o tala faaletausaga ma faʻamatalaga i ai e tatau ona ogatasi ma le fausaga o le tuufaatasiga ua filifilia. O le mea lea, o le aafiaga toe foʻi mai e le gata o se filifiliga faaletulafono ae, e tutusa lava, o se galuega faatino faʻapulega lea e tatau ai ona faʻamaopoopo lelei le pulega tau tupe, le tausi tusi, le faufautua lafoga, ma le notary.
O le faiga tau lafoga: o le nofoaga e tuʻufaʻatasia ai pisinisi e le totogia lafoga
O le mea moni e mafai ona toe foʻi mai le faʻamaumauga tau tupe i lalo o le tulafono faʻalemalo e le faʻapea ai o le a faʻamautuina foʻi taunuuga o lafoga. Mo faʻamoemoega tau lafoga, e masani ona faʻaaogaina le nofoaga mo le tuʻufaʻatasiga e le afaina ai lafoga i lalo o le mataupu 14b o le Dutch Corporate Income Tax Act 1969. O le amataga o lena nofoaga o le lafoga o, mo se faʻataʻitaʻiga, o tupe teu faʻapitoa ma tagi tau lafoga e mafai ona faʻatuai i le kamupani e mauaina, pe afai e ausia tuutuuga o le nofoaga ma e le o faʻamoemoe tele le tuʻufaʻatasiga i le ʻalofia poʻo le faʻatuai o lafoga.
E matuā uaʻi totoʻa atu le Pulega o Lafoga a Holani pe na faʻatulagaina le tuʻufaʻatasiga mo ni mafuaʻaga moni faapisinisi, ma le tulaga o gau ma tagi lafoga i kamupani ua tuʻufaʻatasia. E manaʻomia se gauaʻi faʻaopoopo pe a iai gau i se tasi o vaega ua tuʻufaʻatasia, pe a faʻatatau le tuʻufaʻatasiga i le faʻaleleia atili o lafoga e aunoa ma se faʻamaoniga mautu o pisinisi, pe a aʻafia ai ituaiga faʻaletulafono eseese i le tuʻufaʻatasiga, mo se faʻataʻitaʻiga o se kamupani tumaoti faʻatapulaʻaina (BV) ua tuʻufaʻatasia ma se faʻavae, pe a iai se sao o elemene o tuaoi, pe a avea le tuʻufaʻatasiga ma vaega o se toe faʻatulagaina lautele. O le aʻafiaga o le tulafono faʻalemalo ma lona taliaina o lafoga e masani ona faʻatinoina faʻatasi, ae e le otometi lava lenei mea. E manaʻomia pea se iloiloga lafoga ese.
The financial documents with the merger proposal
O se mataupu e masani ona lē amana’iaina i le fa’atinoina o le fa’aaogaina lea o pepa tau tupe o lo’o o fa’atasi ma le talosaga mo le tu’ufa’atasiga. Afai o tala fa’aletausaga mulimuli na fa’amaonia po’o isi fa’amatalaga tau tupe a se kamupani tu’ufa’atasi e sili atu ma le ono masina a’o le’i failaina pe lolomiina le talosaga mo le tu’ufa’atasiga, o na pepa tuai e le o se mea e le aoga, ae ua le lava mo le faila o le tu’ufa’atasiga. I lena tulaga, e tatau i le komiti fa’afoe, e tusa ai ma le mataupu 2:313 parakalafa 2 o le Tulafono Fa’alemalo a Holani, ona saunia se tala fa’aletausaga fa’aopoopo po’o se fa’amatalaga vaeluaga o aseta ma noataga, fa’atasi ai ma se aso fa’asino e le muamua atu nai lo le aso muamua o le masina lona tolu a’o le’i o’o i le masina o le failaina, ma faila pe lolomiina fa’atasi ma le talosaga mo le tu’ufa’atasiga, i le tulaga e mana’omia, e tusa ai ma le mataupu 2:314 parakalafa 1 o le Tulafono Fa’alemalo a Holani.
O le umi e ono masina e faatatau i le atoatoa o le faila o le tuufaatasiga, ae le o le aoga o le tulafono faalemalo o tala tuai faaletausaga. O le fuafuaga o le faiga e faamautinoa ai o loo maua e tagata e umia sea, tagata aitalafu, ma le notary le avanoa i faamatalaga tau tupe fou pe a iloiloina le tuufaatasiga. E le gata i lea, o le mataupu 2:315 parakalafa 1 o le Tulafono Faalemalo a Holani o loo faaauau pea ona manaomia le komiti faatino e faailoa atu suiga taua i aseta ma aitalafu o loo tutupu pe a maeʻa le talosaga mo le tuufaatasiga. Ia matau o le aso aoga tau tupe ua filifilia i lalo o le mataupu 2:312 parakalafa 2 o le Tulafono Faalemalo a Holani ma le manaoga tau tupe i lalo o le mataupu 2:313 parakalafa 2 o le Tulafono Faalemalo a Holani o ni manaoga eseese se lua, e masani ona fenumiai ae e tatau ona tausisia tutoatasi le tasi mai le isi.
O le a le umi e aoga ai pepa tau tupe
O le suega e ono masina e iloiloina i le taimi e tasi ua faatulagaina, o le taimi lea na faila ai pe lolomiina ai le talosaga mo le tuufaatasia. I lena taimi, o tala faasolopito faaletausaga mulimuli na taliaina e le tatau ona sili atu i le ono masina le matua, pe tatau foi ona saunia se tala faasolopito faaletausaga faaopoopo po o se faamatalaga faavaitaimi o aseta ma aitalafu. O lena faamatalaga faavaitaimi lava ia e le tatau foi ona tusia se taimi umi tele a o lei failaina, faatasi ai ma se aso faasino e le sili atu i le aso muamua o le masina lona tolu a o lei oo i le masina na failaina ai. I le faatinoga, o lona uiga o pepa aloaia atonu e le sili atu i ni nai masina le matua i le taimi na failaina ai.
O le mea e masani ona sese ai mea, o le fesili lea po o le a le mea e tupu i le vaitaimi pe a uma ona faila. O se faagasologa o le tuufaatasia, ona o le vaitaimi tetee faaletulafono ma le taimi e manaomia e le notary, e faigofie ona alu ai ni nai masina a o lei faatinoina le pepa faamaonia. E le manaomia e le tulafono se faafouga fou o tala faaletausaga po o le faamatalaga o aseta ma noataga ona o le taimi e alu i le va o le failaina ma le faatinoina. Nai lo lena, mai le taimi e faila ai se matafaioi faifai pea o le faailoaina e faaaoga i lalo o le mataupu 2:315 parakalafa 1 o le Tulafono Faalemalo a Holani: e tatau i le komiti pulega o kamupani taitasi ua tuufaatasia ona logoina tagata e umia sea ma isi kamupani ua tuufaatasia e uiga i suiga taua i aseta ma noataga o loo tutupu pe a uma le aso o le talosaga mo le tuufaatasia ma a o lei faamamaluina le tuufaatasiga.
O le aoga o pepa tau tupe e le o noatia i se taimi e tumau ai i le teuina seia oo i le faatinoina o le maliega, ae i le uiga o le failaina, faaopoopo i ai se matafaioi e lipotia ai atinae taua mulimuli ane. Afai e umi se taimi i le va o le failaina ma le faatinoga fuafuaina, mo se faataitaiga ona o se tetee ua failaina pe faatuai i le faia o faaiuga, e atamai, ona o le faaeteete, e iloilo pe o tutusa pea le tulaga tau tupe a kamupani o loo aafia ai ma le ata o loo tuuina mai e pepa ua failaina, e ui lava e le o faatonuina e le tulafono se suega fou e ono masina mo lenei mea. Afai e iai se masalosalo, o se faamatalaga fou o aseta ma aitalafu, pe o se faamatalaga manino i lalo o le mataupu 2:315 parakalafa 1 o le Tulafono Faalemalo a Holani, o le auala sili lea ona saogalemu e puipuia ai teteega a le au aitalafu po o talanoaga i le taimi o le iloiloga a le notarial.
Fa'apefea pe a misi pe ua tuai pepa tau tupe
O pepa tau tupe ua misi pe ua tuai e lē fa'aleaogaina ai loa le tu'ufa'atasiga. O le tulafono o lo'o iai e lē fa'atuina ai se tulafono e fa'aleaogaina otometi lava se tu'ufa'atasiga pe afai ua silia ma le ono masina le matutua o pepa. Ua fa'amaonia e le Fa'amasinoga Maualuga a Holani e tumau pea le aoga o se tu'ufa'atasiga pe afai e le'i fa'aleaogaina e le fa'amasinoga, ma e na'o le fa'aleaogaina e mafai ona faia i luga o fa'avae fa'atapula'aina o le mataupu 2:323 parakalafa 1 o le Tulafono Fa'asivile a Holani. O le fa'afitauli o pepa ua misi pe ua tuai o lo'o mafua tele lava i le le tausisia o pepa ma tiute o le fa'asalalauina, fa'atasi ai ma taunuuga mo le mafai ona fa'aauau le fa'atinoina ma atonu mo le noataga a le fa'atonu, ae le o le fa'aleaogaina otometi o le tu'ufa'atasiga po'o fuainumera tuai lava latou.
For the notary, this is a sensitive point. As long as the merger file is not complete, the notary cannot declare that the statutory formal requirements have been complied with, as required by article 2:318 paragraph 2 of the Dutch Civil Code, and will in principle refuse to execute the deed until the file has been supplemented. For creditors, the most important protection before execution lies in the right of objection under article 2:316 paragraph 1 of the Dutch Civil Code. Missing or outdated documents are not in themselves a ground for objection, but they are relevant to the extent that they make it plausible that the financial position of the acquiring company after the merger will offer less assurance that the claim will be satisfied. The court dismisses such a request where the creditor fails to make that plausible.
Faamaumauina o le aso i le talosaga mo le tuufaatasia
O le aso amata fa'aletulafono ua filifilia e lē o se filifiliga e mafai ona fa'aopoopo mulimuli ane. Afai e fa'aaogaina le aafiaga fa'asolo i tua, e tatau ona aofia ai ma le manino ma le taimi talafeagai lena aso i le talosaga tu'ufa'atasiga ua failaina i le Dutch Chamber of Commerce, e tusa ai ma le mataupu 2:312 parakalafa 2 o le Dutch Civil Code. O le talosaga tu'ufa'atasiga e avea ma fa'avae o le fa'agasologa atoa ma, e le gata i lenei aso, e aofia ai fo'i fa'alapotopotoga fa'aletulafono o lo'o tu'ufa'atasia, le kamupani fa'atau, le fua fa'atatau o fesuiaiga ua fautuaina pe a talafeagai, taunuuga mo tagata e umia sea, tagata aitalafu, ma isi vaega e fiafia i ai, ma taunuuga mo tagata faigaluega. O se talosaga tu'ufa'atasiga e le manino pe le atoatoa e mafai ona o'o atu ai i fa'afitauli mulimuli ane i le taimi o le fa'atinoina, i le taimi o le iloiloga a le notary o pepa, po'o le taimi o le iloiloga o lafoga.
Le tulaga o tagata faigaluega, tagata aitalafu, ma tagata e umia sea
Retroactive effect is primarily relevant to financial processing. The legal consequences for third parties, however, only take effect according to the rules of merger law, and not retroactively. Employees may be affected in their legal position by the merger, and where a trade union or the works council is involved the Tulafono Fa'atasi a le SER and the consultation rules apply on their own timetable rather than on the accounting one; creditors have the right of objection described above, and shareholders or members, depending on the legal form, are involved in the decision-making surrounding the merger. Clear communication and correct documentation are essential to prevent the chosen retroactive effect from wrongly creating the impression that the position of these parties also changes at an earlier date.
Fesili e masani ona fesiligia e uiga i le aafiaga toe foʻi i tua i se tuufaatasiga faaletulafono
O le ā le aso e mafai ona amata ai le aafiaga fa'asolo i tua o le tausiga o tusi?
O le aso ua faamaumauina i le talosaga mo le tuufaatasia e tusa ai ma le mataupu 2:312 parakalafa 2 o le Tulafono Faatonutonu a Holani ma i le faatinoga e masani ona pa'ū i le amataga o le tausaga faaletupe o loo i ai nei. E leai se tapulaa faaletulafono manino ma faigata, ae o le aso ua filifilia e tatau ona fetaui ma tapulaa o le tulafono o le tuufaatasia ma le tulafono o tala o tupe faaletausaga ma e tatau ona ogatasi ma tala o tupe faaletausaga mulimuli na faaaogaina e kamupani o loo aafia ai.
E otometi lava ona aoga le aafiaga fa'asolo i tua mo fa'amoemoega o lafoga?
Leai. E masani ona talia e le Pulega o Lafoga a Holani le aafiaga fa'asolo i tua o le tausiga o tusi i totonu o le fa'avae o le tu'ufa'atasiga e le fa'atulafonoina lafoga i lalo o le mataupu 14b o le Tulafono o Lafoga o Tupe Maua a le Kamupani 1969, pe afai e leai se fa'amanuiaga lafoga le talafeagai e maua, mo se fa'ata'ita'iga e ala i le fa'apaleniina sese o mea ua leiloa. O le tulafono fa'alemalo ma le aafiaga fa'asolo i tua o lafoga e masani ona fa'atino fa'atasi, ae e tatau ona iloiloina eseese lenei mea i mataupu ta'itasi.
O le ā e tupu pe afai e lē tutusa tausaga tau tupe a kamupani ua tuufaatasi?
I lea tulaga, e le mafai ona faigofie ona manatu i se aso masani e pei o le aso 1 o Ianuari. E tatau ona iloiloina i kamupani taʻitasi pe faʻapefea ona fesootaʻi le aso faʻavae ua filifilia ma le tausaga faʻaletupe mulimuli na tapunia ma faʻamaonia a lena kamupani, lea e masani ona manaʻomia ai se auala faʻapitoa.
E le aoga ea pepa tau tupe e sili atu i le ono masina le matutua mo le talosaga mo le tuufaatasiga?
Leai, e lē o le aoga na pepa aloaia, ae ua lē lava lea. E tatau i le komiti fa’afoe, e tusa ai ma le mataupu 2:313 parakalafa 2 o le Tulafono Fa’alemalo a Holani, ona saunia se tala fa’aopoopo fa’aletausaga po’o se fa’amatalaga vaelua o aseta ma noataga ma faila fa’atasi ma le talosaga mo le tu’ufa’atasiga, i le tulaga e mana’omia ai, e tusa ai ma le mataupu 2:314 parakalafa 1 o le Tulafono Fa’alemalo a Holani.
O le ā le umi e tumau ai le aogā o pepa tau tupe pe a uma ona faila le talosaga mo le tuufaatasiga?
E na'o le taimi lava e faila ai pe lolomiina ai le talosaga mo le tu'ufa'atasiga e fa'aoga ai le suega e ono masina. Mo le vaitaimi mulimuli ane, e le fa'atonuina e le tulafono se vaitaimi fou e fa'afouina ai; peita'i, o le mataupu 2:315 parakalafa 1 o le Tulafono Fa'ale-malo a Holani e fa'amalosia ai se matafaioi fa'aauau e fa'ailoa atu ai suiga taua i aseta ma aitalafu e tutupu pe a uma ona faila, se'ia o'o ina fa'atinoina le tu'ufa'atasiga. I se faiga umi i le va o le failaina ma le fa'atinoina, e atamai, ona o le fa'aeteete, e iloilo pe mana'omia se fa'afouga fa'aopoopo pe fa'ailoa atu, e ui lava e le o mana'omia fa'apitoa e le tulafono lenei mea.
E mafai e se tagata aitalafu ona taofia le tuufaatasiga ona o pepa tau tupe ua misi?
E mafai e se tagata aitalafu ona faila se tetee e tusa ai ma le mataupu 2:316 parakalafa 1 o le Tulafono Fa'a-Holani. O pepa ua misi pe ua tuai e le o se fa'avae tuto'atasi mo le tetee, ae e mafai ona latou fesoasoani i le fa'amaoniaina o le tulaga tau tupe a le kamupani fa'atau ina ua mae'a le tu'ufa'atasiga e itiiti ifo le mautinoa o le a fa'amalieina le tagi. E fa'aleaogaina e le fa'amasinoga le talosaga pe afai e le fa'amaonia lenei mea.
E mafai ona faaleaogaina se tuufaatasiga mulimuli ane ona o ni faaletonu i le faila o le tuufaatasiga?
Na'o se tulaga fa'atapula'aina. O le Mataupu 2:323 parakalafa 1 o le Tulafono Fa'ale-malo a Holani o lo'o i ai se faiga fa'atapula'aina o mafua'aga mo le fa'aleaogaina. O se tu'ufa'atasiga o lo'o fa'amaumauina i se pepa fa'amaonia na fa'atinoina e le notary e aoga ma tumau pea pe afai e le'i fa'aleaogaina e le fa'amasinoga, e tusa lava pe fa'aalia i le faila o le tu'ufa'atasiga ni fa'aletonu fa'atino.
Pe tatau i le notary ona teena le faia o le maliega pe afai o loo misi ni pepa tau tupe?
I le mataupu faavae, ioe. E na'o le fa'ailoa mai e le notary ua tausisia mana'oga fa'aletulafono aloaia, e pei ona mana'omia e le mataupu 2:318 parakalafa 2 o le Tulafono Fa'alemalo a Holani, pe afai ua mae'a le faila o le tu'ufa'atasiga. Afai e leai ni pepa fa'amaonia, o le musu e fa'atino se'ia vagana ua fa'aopoopoina le faila o le gaioiga talafeagai lea.
Pe o le tu'ufa'atasia ma se isi fa'avae faaletulafono, e pei o se fa'avae, e suia ai tulafono?
Ioe, e tatau ona gauai atu i ai se isi vaega. O auala tau lafoga e pei o le tuufaatasia e le afaina ai lafoga e le otometi lava ona faaaogaina i le auala lava e tasi i ituaiga faaletulafono eseese. A tuufaatasia, mo se faataitaiga, se BV ma se faavae, aua le na o le manatu i le auala masani mo tuufaatasiga i le va o kamupani tupe masani, ae ia iloilo faapitoa lenei mea muamua.
What this means when you plan a merger
O le aafiaga toe foʻi i tua i se tuʻufaʻatasiga faʻaletulafono o se meafaigaluega taua e faʻafaigofie ai lipoti tau tupe ma e mafai ona fetaui lelei i totonu o se toe faʻatulagaina lautele. O le tuʻufaʻatasiga lava ia e naʻo le aso e maeʻa ai ona faʻamaonia le faʻamaoniga a le notarial, ae mo faʻamoemoega tau tupe e masani ona mafai ona faʻafetaui ma se aso na vave ona tusia i le talosaga tuʻufaʻatasiga. E tatau ona saunia ma le faʻaeteete lena filifiliga: e tatau ona taʻua manino le aso i le talosaga tuʻufaʻatasiga, e tatau ona faʻatulagaina le pulega e tusa ai, e tatau ona lava le lata mai o pepa tau tupe e faʻataunuʻu ai le ono masina o le mataupu 2:313 o le Tulafono Faʻalemalo a Holani, ma e tatau ona faʻamaonia le togafitiga lafoga i luga o faʻavae moni faʻapisinisi ma ia puipuia.
E manaʻomia faapitoa fautuaga faʻapitoa i mataupu e aofia ai tausaga tau tupe eseese, tulaga o gau, elemene i le va o tuaoi, poʻo le tuʻufaʻatasia i le va o ituaiga tulafono eseese. Afai o loʻo e feagai ma se tasi o nei tulaga, faʻamolemole faʻafesoʻotaʻi Law & More ia iloiloina le aso atofaina mo le tuufaatasiga, le fuafuaga mo le tuufaatasia, ma vaega tau lafoga o lau tuufaatasiga, ina ia mafai ai ona tatou fuafuaina faatasi laasaga talafeagai.
