ECJ rules on selling an undertaking

The European Court of Justice issued two decisions towards the end of 2009 that will be of particular interest to businesses contemplating the sale of a complete activity or the shares of a company undertaking such an activity. The decisions are complicated, in many places rather obscurely expressed, but may prove far-reaching if adventurous approaches to their interpretation take a hold. The following comments are merely a brief indicator of the potential level of detail.