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Company Law

Analysis - guidance - compliance

27 JAN 2014

ETAT BELGE v GIMLE SA (CASE C-322/12)

European Court of Justice

3 October 2013

The European Union gave a preliminary ruling on the interpretation of the principle in the Fourth Company Law Directive, EEC 78/660, Art 2(3)-(5), that a true and fair view should be given of a company's assets, liabilities, financial position, and profit and loss, in its annual accounts.

[1]        This request for a preliminary ruling concerns the interpretation of the principle that a true and fair view must be given of companies’ assets, liabilities, financial position and profit or loss, contained in Article 2(3) to (5) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article [44(2)(g) EC] on the annual accounts of certain types of companies (OJ 1978 L 222, p. 11; ‘the Fourth Directive’).

 

[2]        The request has been made in proceedings between État belge and GIMLE SA (‘GIMLE’) concerning the treatment, for accounting purposes, of the acquisition of shares which were resold, one month after their acquisition, for a price 3 400 times their purchase price. 

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