Part IV

This article reviews the main aspects related to corporate groups, namely the definition of a group based on the existing links between companies and the consequences of these links both in intra-group relations and in relation to third parties. From the perspective of internal relations, the author focuses on treasury operations, which play an essential role in the context of corporate groups. Next, the article describes the innovative mechanism of debt forgiveness with a recovery clause—a newly established practice through which a parent company can assist its subsidiaries in financial distress. From the perspective of relationships with third parties, the most important protective mechanisms are described, namely the doctrine of piercing the corporate veil and the doctrine of abuse of rights. A brief comparison with the situation under Romanian law is also presented. Finally, the article discusses the various concerns and perspectives of French authors regarding appropriate regulation of corporate groups.

Keywords: corporate groups, contractual ties, financial ties, personal ties, treasury operations, piercing the corporate veil, waiver of claims, abuse of majority power, abuse of minority rights