Abstract

This two-part article presents the concept of a multi-stakeholder undertaking understood as a set of functionally organized assets owned by different entities and serving to run a single business. The first part of the analysis discusses the notion of an undertaking and the organized part thereof, the existence of multi-stakeholder undertakings and the criteria for their separation, as well the specifics of a holding undertaking. The second part deals with the concept of piercing the corporate veil, minimum requirements for recognizing that a given legal transaction is related to an undertaking and the possibility to acquire a multi-stakeholder undertaking successively. It also discusses the legal regime of a multi-stakeholder undertaking indicating legal provisions which do and do not apply thereto.